On March 18, the Hainan Provincial Local Financial Regulatory Bureau officially issued a risk warning, directly targeting illegal financial activities currently taking place in the market under the guise of "Hainan International Data Asset Exchange," "Hainan Data Exchange," and "Hainan Maritime Exchange," which are illegally conducting RWA (Real-World Asset) and RDA (Real-World Data Asset) trading businesses. This directly exposes the compliance pretense of some illegal entities and reiterates the regulatory red lines for RWA tokenization activities within Hainan Province. The core of this risk warning from the Hainan Provincial Local Financial Regulatory Bureau is to completely deny the legal status of the "Hainan International Data Asset Exchange," clearly informing the market that no such institution has ever been approved for establishment within Hainan Province. At the same time, the regulatory authorities clearly define the compliance threshold for the establishment of trading venues: the establishment of any trading venue within Hainan Province must be approved by the provincial government. Without approval from the competent authorities, market entities are not only prohibited from using exclusive terms such as "exchange" or "trading center" in their registered names, but also from conducting any trading venue-related business activities.