PANews reported on February 13th that, according to Caijing Magazine, the "Notice on Further Preventing and Handling Risks Related to Virtual Currencies" defines RWA tokenization as a new type of securities activity. This means that securities intermediaries licensed in both mainland China and Hong Kong are expected to benefit. Analysis indicates that three types of cross-border RWA businesses are feasible:

1. Debt-related RWA tokenization, namely RWA tokenization in the form of external debt, is characterized by having a clear term and repaying principal and interest upon maturity.

2. Equity-oriented RWA tokenization refers to RWA tokenization based on domestic equity and conducted overseas in a securitization-like manner, which has the characteristics of equity. It usually involves dividends and has no clear maturity date.

3. Other types of RWA tokenization, such as gold-based RWA tokenization.