Table of Contents
China’s securities regulator has told several mainland brokerages to pause real-world-asset tokenization work in Hong Kong, sources said. Reuters reported guidance on Sept. 23 (04:04 UTC), noting share drops in some Hong Kong-listed brokers after the news. The informal step targets new RWA deals while officials review risks around fast-growing digital-asset activity.
The move follows summer actions on stablecoins. Yahoo Finance carried report that regulators asked big brokers to stop research that promotes stablecoins in August. As Hong Kong prepares tokenization rules, coverage sites also summarized development referencing the Reuters scoop.
“We introduced the Project Ensemble Sandbox to test tokenisation in real cases, a significant step for the industry and the HKMA,” said Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, in an earlier briefing that framed Hong Kong’s direction. The HKMA issued statement on the sandbox as part of its wider market plan.
Background: RWA tokenization turns assets like bonds or real estate into digital tokens that can settle faster and trade more easily. Hong Kong is building rules under its new policy push, while mainland China remains cautious about retail-facing crypto. The guidance to brokers suggests Beijing wants stronger risk checks before large, cross-border RWA programs expand.
