China’s financial watchdog just threw cold water on Hong Kong’s red-hot tokenization boom, quietly advising major brokerages to pump the brakes on their real-world asset business. The move sent Hong Kong stocks tumbling and exposed the delicate dance between Beijing’s crypto skepticism and Hong Kong’s digital asset ambitions. The China Securities Regulatory Commission has issued informal guidance to at least two leading brokerages in recent weeks, telling them to pause their real-world asset tokenization operations in Hong Kong, according to Reuters. The regulatory intervention comes as dozens of Chinese firms have ... (full story)