Overview

• At least two leading mainland brokerages received private guidance from the CSRC to halt offshore real‑world asset tokenization in Hong Kong, Reuters reported.
• The pause is informal with no public directive or timeline, and the CSRC, HKMA and FSTB did not immediately comment.
• Regulatory focus is on strengthening risk controls and ensuring tokenized offerings are backed by legitimate, sustainable businesses.
• Hong Kong continues to develop its framework: the HKMA cites existing bank sales guidelines, a legal review by FSTB/HKMA is starting with bonds, Project Ensemble progresses, and 77 firms have expressed interest in stablecoin licenses.
• Recent activity includes GF Securities’ “GF tokens” and a 500 million yuan digital bond arranged by CMB International, while shares of Guotai Junan International and GF Securities fell 2%–6% on Tuesday.