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China Clamps Down on RWA Tokenization as Hong Kong Advances Crypto Hub Ambitions
China Clamps Down on RWA Tokenization as Hong Kong Advances Crypto Hub Ambitions
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BTCCSquare news:
China's securities regulator has quietly instructed domestic brokerages to halt real-world asset (RWA) tokenization services in Hong Kong, signaling Beijing's continued aversion to offshore digital asset expansion. At least two major firms received informal guidance citing risk management concerns, extending China's crypto crackdown beyond speculative trading into Web3 infrastructure sectors.
Hong Kong marches forward despite mainland restrictions, with 77 applications filed for its new crypto licensing regime by August's end. The selective approval process reflects the city's calibrated approach to becoming Asia's premier digital asset hub—a stark contrast to China's blanket prohibitions since 2021.
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