China Securities Regulatory Commission (CSRC) reportedly asked some local brokerages on Sept. 22 to pause their real-world asset (RWA) tokenization business in Hong Kong, Reuters reported, citing people with knowledge of the matter. At least two leading firms received informal guidance in recent weeks, according to the report.

The regulator’s move reflects Beijing’s concern over the rapid development of tokenized products offshore and its desire to ensure offerings are supported by legitimate businesses with stronger risk management practices. Hong Kong has been actively encouraging digital asset development, with regulators, including the Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority, conducting a legal review of RWA tokenization.

Market activity has expanded quickly: GF Securities’ Hong Kong arm introduced “GF tokens” in June, China Merchant Bank International helped Shenzhen Futian Investment issue a 500 million yuan digital bond in August, and property developer Seazen Group announced it would establish an institute in Hong Kong focused on tokenization.

Shares of firms involved in digital assets have seen sharp swings, with Guotai Junan International surging more than 400% after approval to provide cryptocurrency trading and Fosun International climbing nearly 28% following stablecoin-related meetings with city officials.

China’s caution is consistent with its broader stance on digital assets. Authorities banned cryptocurrency trading and mining in 2021 and last month instructed brokers to stop publishing research supportive of stablecoins. While the global RWA market is currently estimated at $29 billion, industry forecasts suggest it could expand to more than $2 trillion by 2030. The news outlet noted that Beijing’s latest intervention underscores risk control priorities, while blockchain advocates argue that tokenization could improve liquidity, transparency, and efficiency in financial markets, potentially enhancing Hong Kong’s position in digital finance.

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