Abstract:With the iterative upgrading of artificial intelligence (AI) technology and the deepening globalization of the digital economy, Token, as the smallest computational unit and core value carrier for large model information processing, have emerged as a new type of cross-border data form in the AI era. Token data possesses characteristics such as computing power dependence, value dynamism, derivative uncertainty, and large-scale batch circulation. Its cross-border flow has disrupted the traditional data governance rules and regulatory frameworks. This paper systematically defines the core connotation, data attributes, and essence of Cross-border Token data flow, reviews the current mainstream models and practical forms of Cross-border Token data flow in China, deeply analyzes its new risks in dimensions such as national security, data security, industrial security, compliance systems, and technological ethics, and clarifies the existing institutional shortcomings, regulatory blind spots, technological weaknesses, and challenges in adapting to international rules in the governance of Cross-border Token data flow. Based on the core principle of balancing development and security, this paper constructs a governance system for Cross-border Token data flow that is suitable for the development of China"s AI industry from five dimensions: institutional system, regulatory mechanism, technological empowerment, industrial collaboration, and international governance. It provides theoretical support and practical paths for regulating lexeme data cross-border circulation, preventing new data risks, promoting China"s AI computing power to go overseas in compliance, and participating in the construction of global digital governance rules.