The Chinese financial regulator has recommended that local brokerage firms refrain from launching projects aimed at the tokenization of real assets (RWA) in Hong Kong. It has been reported that at least two major brokerage firms received such unofficial guidance in recent weeks.
This is reported by Finway
Reasons for Halting RWA Projects in Hong Kong
According to sources, the China Securities Regulatory Commission (CSRC) has reached out to brokers requesting a temporary suspension of activities related to the tokenization of real assets to mitigate risks associated with this new direction. The regulator aims to ensure that there is adequate preparation and compliance with existing legislation before allowing the scaling of such operations.
“The recommendations were informal and were communicated over the past few weeks. One source noted that the move is aimed at reducing risks associated with this new line of business and ensuring proper preparation before scaling it. The regulator also wants to be confident that the companies’ claims are based on legitimate grounds.”
Development of the Crypto Market and Companies’ Plans
The regulator’s activity comes against the backdrop of intensified development of the cryptocurrency market in Hong Kong. Over the past year, the regional authorities have been actively working to establish a digital financial hub: a licensing regime for cryptocurrency exchanges has been introduced, and there are regular statements supporting innovation in the financial sector.
It was previously reported that one of China’s leading developers, Seazen Group Ltd, plans to issue tokenized private debt and create its own platform for RWA by the end of 2025. Additionally, in June 2025, CoinGecko published a report indicating that the volumes of tokenization of treasury assets had increased by 545%, reaching $5.6 billion, while the stablecoin market approached $225 billion.