Mainland Chinese industry associations have warned real-world asset tokenisation providers due to concerns like fake assets and speculative trading. Chinese authorities have not approved any such activities, and regulators like the People’s Bank of China are overseeing these warnings. This tough stance on cryptocurrency has raised fresh concerns about Hong Kong’s ambitions to become a regulated hub for digital assets. Overseas firms providing services for cryptocurrency activities in China will be considered illegal, with domestic staff facing legal consequences. RWA providers are advised to disengage from the mainland Chinese market.

Read more at Yahoo Finance: 7 Chinese industry bodies issue RWA tokenisation warning amid Beijing’s crackdown