China's RWA Regulatory Separation: How Eight Ministries Drew a Line Between Tokenization and Crypto
On February 6, 2026, China did something no major economy has attempted at this scale: it formally split the regulatory treatment of real-world asset (RWA) tokenization from its blanket cryptocurrency ban. Eight ministries — led by the People's Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC) — jointly issued Yinfa No. 42, a sweeping notice that redefines how the world's second-largest economy treats digital assets. The message is unmistakable: blockchain technology is welcome, but only on Beijing's terms.