Overview

• At least two leading brokerages received private instructions to halt real‑world‑asset work offshore, according to Reuters sources.
• The reported pause targets tokenization of assets such as real estate, commodities, and bonds, with the aim of tightening risk management.
• No public directive has been issued and the duration of the guidance remains unclear, with regulators and firms declining to comment.
• Hong Kong is pressing ahead with digital‑asset rules, including a stablecoin licensing regime and an FSTB–HKMA legal review of RWA tokenization, with 77 firms expressing licensing interest.
• Recent Hong Kong issuances include GF Securities’ “GF tokens” and a 500 million yuan digital bond arranged by CMBI, as China maintains a cautious posture following its 2021 crypto ban.