[Caixin: RWAs Based on Hong Kong Assets Are Not Under the Jurisdiction of Mainland Chinese Regulators] According to a report by Caixin, following the joint release of the 'Notice on Further Preventing and Handling Risks Related to Virtual Currencies and Other Related Activities' (referred to as 'Document No. 42') by the People's Bank of China and seven other departments, the regulatory framework for issuing RWAs (Real World Assets) overseas based on domestic assets in China has begun to take shape. The overarching tone of Document No. 42 is strict prohibition domestically and strict regulation overseas for RWAs. According to individuals familiar with the regulatory environment, Hong Kong is one of the overseas issuance locations for RWAs. RWAs based on Hong Kong assets are not within the regulatory scope of Document No. 42 and are not under the jurisdiction of mainland Chinese regulators. Currently, there are no RWAs based on domestic securities or fund underlying assets issued in Hong Kong or other overseas locations. If such cases arise, they would fall under the responsibility of the Institutional Department of the China Securities Regulatory Commission (CSRC). Previously, such activities were entirely prohibited. Now, while it is no longer explicitly stated that all such activities are prohibited, the issuance of RWAs involving domestic assets overseas is still strictly regulated. This does not imply any form of 'encouragement' and should not be interpreted as 'promoting development.'