China bans real-world asset tokenization, classifying it as illegal finance

RWA projects are treated as illegal fundraising, securities, or futures activities under existing law. Hong Kong-linked and offshore structures with mainland staff are explicitly targeted. Liability extends to the full Web3 service chain, not just token issuers source: https://coinjournal.net/news/china-bans-real-world-asset-tokenization-classifying-it-as-illegal-finance/