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China tells brokers to pause real-world asset tokenisation in Hong Kong

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China’s securities regulator (CSRC) has quietly advised several domestic brokerages to halt their real-world asset (RWA) tokenisation activities in Hong Kong, according to sources familiar with the matter. The move highlights Beijing’s caution as Hong Kong accelerates its push to become a regional hub for digital assets.

What’s happening

  • At least two major Chinese brokerages received informal instructions in recent weeks to pause RWA tokenisation businesses offshore.

  • RWA tokenisation converts traditional assets — like stocks, bonds, funds, and real estate — into blockchain-based digital tokens.

  • Regulators are concerned about risk management and whether firms’ claims are backed by “strong, legitimate businesses.”

Market reaction

  • Shares in Chinese brokerages with Hong Kong exposure slumped:

    • Guotai Junan International fell 7.25%

    • GF Securities dropped 2%

  • The broader Hang Seng Index closed down 0.9%.

Regulatory backdrop

  • China banned cryptocurrency trading and mining in 2021, citing financial stability risks.

  • While Hong Kong has rolled out a stablecoin regime and tokenisation “sandbox” (Project Ensemble), Beijing has kept its stance restrictive.

  • Last month, regulators told major Chinese brokers to stop publishing research endorsing stablecoins, signalling unease about speculative hype.

  • The HKMA confirmed it is conducting a legal review of tokenisation, initially focused on bonds.

Virtual asset enthusiasm in Hong Kong

  • GF Securities (HK unit) launched yield-generating “GF tokens” in June, tied to USD, HKD, and offshore RMB.

  • CMBI recently helped Shenzhen Futian Investment raise 500 million yuan through an RWA-based digital bond.

  • Seazen Group, a Chinese property developer, set up an institute in Hong Kong to explore tokenisation.

  • HKMA said 77 firms have expressed interest in applying for a stablecoin license as of August 31.

Global context

  • The RWA market is worth about $29 billion today and could exceed $2 trillion by 2030, according to industry forecasts.

  • Hong Kong wants to capture this growth, but Beijing’s intervention shows cross-border limits remain.

  • It’s unclear how long the CSRC’s guidance will stay in place or whether it will become a formal restriction.

Hong Kong’s HashKey to Launch $500M Digital Treasury Fund

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HashKey Group, Hong Kong’s leading licensed crypto exchange and digital asset manager, announced plans to launch a $500 million Digital Asset Treasury (DAT) fund, joining the wave of firms adopting bitcoin-style treasury strategies pioneered by U.S. software firm MicroStrategy (MSTR.O).

MicroStrategy, which began stockpiling bitcoin in 2020, now holds more than $63 billion in crypto, inspiring “copycats” worldwide. Collectively, such treasury adopters have amassed nearly 100,000 bitcoin, according to Standard Chartered.

HashKey said the fund will create a diversified DAT portfolio, initially focused on the Bitcoin and Ethereum ecosystems, with the goal of advancing crypto asset standardization and fostering a sustainable Web3 infrastructure.

“The strategy is not just a U.S. phenomenon — it’s spreading across Hong Kong, Japan, and other equity markets,” Binance founder Changpeng Zhao said at a recent Hong Kong bitcoin conference, noting how DAT adoption is gaining traction in Asia.

Founded in 2018, HashKey Group offers services spanning asset management, brokerage, tokenization, and runs Hong Kong’s largest licensed crypto exchange. By leveraging its global footprint, HashKey said it plans to both initiate and invest in leading DAT projects, accelerating institutional-grade adoption of blockchain technologies.

Standard Chartered Launches Joint Venture to Apply for Stablecoin License in Hong Kong

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Standard Chartered (2888.HK) announced on Friday the formation of a joint venture, Anchorpoint Financial, with strategic partners Animoca Brands and HKT (6823.HK) to apply for a license to issue stablecoins in Hong Kong. This move comes shortly after Hong Kong’s stablecoin legislation officially took effect.

Stablecoins are cryptocurrencies pegged to fiat currencies like the U.S. dollar, commonly used for transferring funds within the crypto ecosystem. The newly passed Hong Kong bill, effective August 1, sets a clear regulatory framework for fiat-referenced stablecoin issuers.

Anchorpoint Financial has formally expressed interest to the Hong Kong Monetary Authority (HKMA) in obtaining the stablecoin issuer license. The HKMA anticipates granting the first licenses early next year, signaling a growing institutional push into regulated digital currencies in the region.