CSRC Offshore Asset-Backed Securities Token Guidelines

The guidelines define the covered activity as offshore issuance of tokenized equity certificates where repayment support comes from cash flows generated by domestic assets or related asset rights, using cryptographic technology and distributed ledger or similar technology. This places the instrument within a securities-style filing and risk-control framework for a specific form of RWA tokenization linked to Chinese assets.

The scope is asset- and cash-flow focused. It does not create a general domestic market for RWA tokens, crypto assets, or token trading. It applies when domestic assets or related rights support an offshore tokenized security, and when a domestic entity actually controls the underlying assets.

• Cross-border compliance: offshore issuance must comply with rules on cross-border investment, foreign-exchange administration, network security, data security, and other applicable approval, filing, or security-review procedures.
• Negative-list restrictions: projects may not proceed where capital-market financing is prohibited, national-security concerns are identified, the domestic controller is under specified criminal or major regulatory conditions, the underlying asset has major ownership disputes, the asset cannot be transferred, or the asset falls within prohibited domestic ABS underlying-asset categories.
• CSRC filing: before conducting covered business, the domestic entity that actually controls the underlying assets must file with the CSRC and submit a filing report, the complete set of offshore issuance materials, and details on the domestic filer, underlying assets, and token issuance plan.
• Accuracy obligation: the domestic filing entity, controlling shareholders, actual controllers, directors, supervisors, senior managers, and relevant intermediaries must ensure filing materials are true, accurate, and complete.
• Post-filing reporting: after completion of a filing, the domestic filing entity must report offshore issuance completion, major risks, and other major events to the CSRC.

CSRC Filing Guide No. 1 gives practical content and format requirements for filings. The guide asks for information on the issuance plan, token definition and nature, issuance quantity and method, trading mechanism, the relationship between tokens and underlying assets, transaction structure, data-chain architecture, data storage, and data-security measures. It also asks for information on the domestic filing entity, participating institutions, underlying asset ownership, valuation, cash-flow status, internal approvals, and domestic and overseas compliance.

The filing guide states that filing materials and major-event reports should be submitted by email to the CSRC, with domestic contact details and authorization materials. The guide also frames the sample filing report as a minimum content standard and directs applicants to use objective, factual language rather than promotional wording.

The guidelines are a China national-level CSRC instrument with cross-border effect for offshore structures tied to domestic assets. They are most relevant to domestic asset controllers, offshore issuers, financial intermediaries, technology providers, and advisers involved in tokenized ABS-style structures. They also matter for offshore markets evaluating whether a China-linked tokenized security has completed domestic filing steps.

The CSRC published the guidelines on Feb. 6, 2026 and stated that they would take effect from the date of publication. As of June 6, 2026, this profile treats the guidance as in force, with no fixed sunset, consultation deadline, or phase-in date identified in the official text. Editors should monitor CSRC filing disclosures, amendments to the filing guide, and implementation practice for the first accepted or rejected offshore ABS token filings.