FINANCE

China’s Crypto Crackdown Targets Tokenized Real-World Assets

Published: Dec. 8, 2025 12:09 p.m. GMT+8

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China’s seven major financial and market associations issued a joint notice Friday, reiterating the country’s ban on cryptocurrency activities and explicitly stating that the prohibition also applies to tokenized real-world assets (RWA).

The groups said member institutions must not engage in the issuance or trading of virtual currencies or RWA tokens, nor provide any direct or indirect services.

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China’s major financial associations reiterated the national ban on cryptocurrency activities, explicitly including tokenized real-world assets (RWA).
Institutions are prohibited from issuing, trading, or servicing cryptocurrencies or RWA tokens; stablecoins remain under scrutiny for potential misuse.
The notice, aligned with previous regulatory stances, warns of illegal fundraising and fraud risks, emphasizing that virtual currencies are not legal tender in China.

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