Overview

• At least two leading Chinese brokerages received non‑public instructions from the CSRC to halt real‑world asset activity offshore, according to Reuters sources.
• The guidance seeks stronger risk management and verification that tokenised products are backed by legitimate, sustainable businesses.
• No formal directive has been issued, and the duration of the pause remains unclear as the CSRC did not respond to requests for comment.
• Hong Kong’s HKMA said banks already have guidelines for selling tokenised products and noted a legal review that will initially focus on the bond market via Project Ensemble.
• Recent launches in Hong Kong include GF Securities’ “GF tokens” and a 500 million yuan tokenised bond assisted by CMBI, while Guotai Junan International and GF Securities fell 2%–6% on Tuesday.