With China explicitly banning onshore tokenisation of real-world assets (RWAs) while tightening scrutiny of related offshore activities, analysts say the clampdown is aimed at curbing financial fraud and disorderly capital outflows, while still preserving space for regulated innovation in markets such as Hong Kong.
Tokenisation refers to the process of converting the rights to an RWA – including real estate, art, bonds and commodities like gold – into a digital token. Such tokens represent…
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