The China Securities Regulatory Commission (CSRC) has announced the "Regulatory Guidelines on the Offshore Issuance of Asset-Backed Securities Tokens for Domestic Assets." Offshore issuance of asset-backed securities tokens based on domestic assets refers to activities where cash flows generated from domestic assets or related rights are used as repayment support, utilizing encryption technology and distributed ledger or similar technology to issue tokenized equity certificates abroad. The guidelines require that relevant activities must comply with regulations on cross-border investment, foreign exchange management, network and data security, etc., and follow approval/filing/security review procedures. They must not harm national interests or public interests; and several prohibited scenarios are listed (such as prohibiting financing entities, activities that may endanger national security, major criminal offenses in the past three years, unresolved major illegal investigations, asset ownership disputes or legally non-transferable assets, and touching on the negative list for domestic asset securitization). Before proceeding, the domestic entity controlling the underlying assets must file with the CSRC and submit a complete set of offshore issuance documents, with the filing information made public; after filing, timely reports on issuance completion, major risks, and other matters are required, along with strengthened cross-border cooperation and information sharing with overseas regulators.