China Tells Brokers to Pause Real-World Asset Tokenisation in Hong Kong

 China Tells Brokers to Pause Real-World Asset Tokenisation in Hong Kong

On September 23, 2025, the China Securities Regulatory Commission (CSRC) quietly advised some domestic brokerage firms to halt their Real-World Asset (RWA) tokenisation projects based in Hong Kong. RWA tokenisation is about turning assets like property, stocks, bonds—or other “real” things—into digital tokens that can be traded on blockchain platforms. 

This guidance reflects Beijing’s caution toward digital finance innovations that are being developed offshore—in places like Hong Kong, which has been pushing to become a hub for virtual asset trading. While Hong Kong regulators continue to work on stablecoin frameworks and virtual asset service provider subscriptions, CSRC’s move shows that China is less willing to let these experiments expand unchecked.

Some major brokerages affected include GF Securities, Guotai Junan International, China Merchant Bank International, and Seazen Group. Their shares reacted immediately, dropping amid investor concern about regulatory risk. Analysts estimate that the RWA market in Hong Kong could grow from around $29 billion now to over $2 trillion by 2030—so the pause could have significant ripple effects.

Even though it's unclear how long the pause will last, this development sends a signal: China remains ready to pull back when digital asset innovations threaten to run ahead of regulation or oversight. For investors and companies, the message is: make sure your tokenisation or digital-asset plans are solid, compliant, and transparent.