China’s securities regulator has informally told some domestic brokerages to pause real-world asset (RWA) tokenisation businesses in Hong Kong, sources told Reuters. The move highlights Beijing’s caution over a rush into digital asset markets offshore, even as Hong Kong promotes itself as a hub for tokenised products, stablecoins, and virtual asset trading.
RWA tokenisation converts traditional assets such as stocks, bonds, funds, and property into blockchain-based tokens. Several Chinese firms have recently launched such products in Hong Kong, including GF Securities and CMBI, while developers like Seazen Group have also entered the space.
The China Securities Regulatory Commission (CSRC) reportedly wants firms to strengthen risk controls and ensure claims are backed by solid businesses. The guidance comes as Hong Kong rolls out new rules for stablecoins and attracts strong interest in virtual asset licenses.
Despite Beijing’s cautious stance — having banned crypto trading and mining in 2021 — shares of Chinese firms tied to digital assets have rallied. Guotai Junan International surged over 400% after gaining approval for crypto trading in Hong Kong, while Fosun International jumped 28% on reports its chairman met officials to discuss stablecoins.
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