CSRC: Strict supervision shall be carried out in accordance with the law and regulations on the issuance of asset-supported securities tokens abroad by domestic assets.

CSRC issues "Regulatory Guidelines on the Overseas Issuance of Asset-Backed Securities Token using Domestic Assets". It is mentioned that if any of the following situations exist in the underlying assets or the domestic entity controlling the assets, relevant businesses shall not be conducted: expressly prohibited by laws, regulations, or relevant national provisions from financing through the capital market; as determined by the relevant competent department of the State Council through legal examination, the issuance of overseas asset-backed securities tokens may endanger national security; the domestic entity or its controlling shareholder, actual controller has committed crimes such as embezzlement, bribery, misappropriation of property, or disrupting the socialist market economy order within the past 3 years; the domestic entity is under investigation for suspected crimes or major violations of laws and regulations, with no definite conclusions yet; major ownership disputes exist in the underlying assets, or the assets cannot be transferred according to law; the underlying assets are subject to prohibitive conditions as stipulated in the negative list for domestic asset securitization business.