The effects of the regulatory ban were immediate, and the RWA market instantly “went into winter.” Recently, seven associations of China Internet Finance Association, China Banking Association, China Securities Association, China Securities Investment Fund Association, China Futures Association, China Association of Listed Companies, and China Payment Clearing Association jointly issued risk tips on preventing illegal activities involving virtual currencies, etc., detailing the essential properties of virtual currency, RWA tokens and related activities, and clearly requiring member units not to participate in virtual currency and real-world asset token issuance and trading activities in China. According to information, mainland companies' RWA business in Hong Kong has completely cooled down. A number of consulting agencies revealed that the volume of business inquiries from the mainland has plummeted by more than 90% in the past two months, and most of the projects already negotiated have been requested to be suspended.

The effects of the regulatory ban were immediate, and the RWA market instantly “went into winter.” Recently, seven associations of China Internet Finance Association, China Banking Association, China Securities Association, China Securities Investment Fund Association, China Futures Association, China Association of Listed Companies, and China Payment Clearing Association jointly issued risk tips on preventing illegal activities involving virtual currencies, etc., detailing the essential properties of virtual currency, RWA tokens and related activities, and clearly requiring member units not to participate in virtual currency and real-world asset token issuance and trading activities in China. According to information, mainland companies' RWA business in Hong Kong has completely cooled down. A number of consulting agencies revealed that the volume of business inquiries from the mainland has plummeted by more than 90% in the past two months, and most of the projects already negotiated have been requested to be suspended.