September 24, 2025
By Anjali Kochhar
Chinese regulators have asked several brokerages to temporarily stop their real world asset (RWA) tokenisation operations in Hong Kong, sources said, highlighting Beijing’s growing caution over the rapid growth of digital asset sectors.
The guidance, reportedly issued in recent weeks by the China Securities Regulatory Commission (CSRC), affects at least two major Chinese brokerages currently active in converting traditional assets such as bonds, stocks, funds and real estate into blockchain based digital tokens.
Regulators explained that the move is aimed at strengthening risk management and ensuring that firms’ claims about RWAs are backed by solid and legitimate underlying assets. Officials are concerned about the growing enthusiasm for offshore virtual asset businesses, which could potentially expose the financial system to risks.
In recent months, Hong Kong has seen rising interest from Chinese institutions in RWA tokenisation. Brokerage units and subsidiaries have launched products such as digital bonds and yield generating token offerings tied to traditional securities. Among the firms making moves in this sector are China Merchants Securities and GF Securities.
At the same time, Hong Kong authorities including the Financial Services and Treasury Bureau and the Hong Kong Monetary Authority are conducting legal reviews of tokenisation frameworks. These reviews are drawing on international experience as Hong Kong refines its virtual asset licensing regime, which covers stablecoins, tokenisation, trading and asset management.
The global RWA tokenisation market is currently valued at about 29 billion US dollars. Some industry forecasts suggest it could grow to more than 2 trillion US dollars by 2030 if supportive regulations and adoption trends continue.
Beijing’s latest move comes in the context of broader regulatory tightening. Just last month, authorities instructed brokers to stop publishing research reports that endorsed stablecoins. This was part of a wider effort to limit speculative interest in digital assets among Chinese investors.
It is still unclear how long the pause on RWA tokenisation will last or how strictly these measures will be implemented. Both the CSRC and Hong Kong regulators have declined to provide public comment on the matter.
What is clear is that Beijing is signaling caution. Regulators appear determined to ensure that innovation in Hong Kong’s digital asset ecosystem does not outpace oversight, placing stability and risk management above unchecked growth.
About the author
Anjali Kochhar covers cryptocurrency and blockchain stories in India as well as globally. Having been in the field of media and journalism for over four years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
