Catenaa, Friday, September 26, 2025-China’s securities regulator has recommended that major brokerages pause real-world asset tokenization efforts in Hong Kong, signaling Beijing’s cautious approach amid the city’s push to expand digital finance.
The China Securities Regulatory Commission’s guidance, reported Monday, is informal and focused on risk management, ensuring that business claims are backed by actual operations.
At least two large brokerages were contacted in recent weeks, though the duration of the pause and whether more firms will be included remain unclear.
Real-world asset tokenization allows bonds, equities, funds, and even real estate to be converted into blockchain-based assets that can be traded on-chain.
Hong Kong has actively encouraged RWA adoption, introducing licensing regimes for crypto activity and stablecoins.
Chinese firms have been among the most active entrants to this emerging market.
The advisory follows Beijing’s broader cautious posture toward crypto. Last month, authorities requested brokers halt research promoting stablecoins, part of efforts to temper retail enthusiasm despite Hong Kong’s regulatory framework.
Analysts note the sector remains on the rise globally, with RWA products currently valued at more than $13 billion and projections suggesting potential growth to $30 trillion by 2030.
The pause comes as other jurisdictions, including the European Union, London, and Dubai, accelerate tokenization initiatives, highlighting the contrast between Hong Kong’s active encouragement and mainland China’s measured stance on digital finance expansion.
