In 2026, the digital asset ecosystem will enter a new stage of compliance and scale

1、 Regulatory regulation: Full chain licensing, virtual assets bid farewell to 'gray areas'

Within the year, the China Securities Regulatory Commission will intensively introduce licensing rules for the three core areas of virtual asset trading, custody, and over-the-counter (OTC) trading, and establish a full chain regulatory system of "licensed operation, penetrating supervision, and risk isolation", clarifying the compliance boundary for industry development.

Licensing of trading services: In accordance with securities trading regulatory standards, virtual asset trading service providers need to apply for a license, with a minimum paid up capital of HKD 5 million and a maintenance of HKD 3 million in liquid funds, fully included in anti money laundering and investor protection frameworks.

Strict and precise custody services: Focusing on the core risks of private key management, it is clear that institutions that "safeguard transferable virtual asset tools" must hold a license, with a minimum paid up share capital of HKD 10 million and quick funds of HKD 3 million. Internal custody within the group and self management by compliant stablecoin issuers are exempt from Caixin.

OTC is subject to strong regulation: it is clarified that over-the-counter matching, fiat currency and virtual asset exchange and other businesses need to be licensed for operation, eliminating "grey space", establishing a mechanism for reporting large transactions and penetrating review, and preventing money laundering and illegal financial activities risks.

This regulatory upgrade has pushed the virtual asset industry from "unregulated" to "regulated", providing licensed institutions with a clear compliance path and clearing obstacles for institutional funds to enter. It is the cornerstone of the sustainable development of the digital asset ecosystem.

2、 RWA breakthrough: tokenized stocks surpass 1 billion, traditional asset chain wave hits

Real world asset tokenization (RWA) is accelerating and becoming the core bridge connecting traditional finance and blockchain. As of March 2026, the total value of tokenized stock chains has exceeded $1 billion for the first time, and the global RWA without stablecoins has reached $27.14 billion, a nearly fourfold increase from a year ago.

Scale explosion: Tokenized stocks, treasury bond, gold, private credit and other assets are all on the chain, among which, the scale of Tokenized US bonds exceeds $11 billion, becoming the main force of RWA market; Traditional financial giants such as BlackRock and Franklin Templeton are accelerating their layout, driving RWA from concept to large-scale implementation.

Efficiency Revolution: RWA achieves 24/7 asset trading, fragmented segmentation, and real-time global circulation through blockchain, significantly reducing transaction costs and improving liquidity. For example, tokenized stocks can enable global investors to easily participate in US stock trading, with trading efficiency dozens of times higher than traditional models.

Institutional leadership: Institutional funding accounts for over 70%, becoming the core driving force for RWA growth. RWA holders have reached 675000, and the market has shifted from early niche experiments to mainstream financial allocation, injecting massive compliance funds into the digital asset ecosystem.

The tokenization of stocks has exceeded 1 billion US dollars, marking the beginning of RWA's "year of large-scale application" and the official launch of the wave of traditional asset chain conversion, reshaping the global asset circulation and pricing system.

3、 Dual currency linkage: connecting digital currencies and stablecoins for cross-border settlement, accelerating the internationalization of the Chinese yuan

In February 2026, the Central Bank Research Institute and the Hong Kong Monetary Authority jointly completed the linkage test between digital RMB and Hong Kong dollar stablecoin, achieving real-time clearing in cross-border infrastructure and agricultural trade scenarios. The transaction time was reduced from 2 hours to 3 minutes, and the exchange cost was reduced by more than 20%, connecting the "last mile" of cross-border RWA settlement.

Dual hub collaboration: Building a "digital RMB (value anchor)+Hong Kong dollar stablecoin (liquidity bridge)" model. Digital RMB is backed by national credit to ensure settlement compliance and final certainty; The Hong Kong dollar stablecoin connects the global digital financial market with its 7 × 24-hour trading and efficient on chain circulation characteristics.

Cross border Efficiency Revolution: Testing the implementation of real-time exchange and atomic clearing between digital RMB and Hong Kong dollar stablecoin, completely solving the pain points of traditional cross-border payment processes such as cumbersome, high costs, and slow arrival, providing an efficient channel for mainland assets to comply with overseas regulations and global capital allocation of Chinese assets.

New path of internationalization: The digital RMB has entered institutional level cross-border RWA settlement on a large scale for the first time, breaking through the boundaries of retail applications, providing a new carrier for offshore RMB closed-loop circulation, helping Hong Kong consolidate its position as a global digital asset hub, and promoting the upgrading of RMB internationalization from trade settlement to asset allocation.