China Classifies RWA Tokenization as Illegal Finance in Seven-Association Joint Warning

• Seven Chinese financial associations classify RWA tokenization as illegal finance.
• Document states no real-world asset tokenization activities have been approved.
• Service providers and intermediaries face joint liability under the new framework.

Seven leading Chinese financial industry associations released a joint risk warning on Friday, labeling real-world asset (RWA) tokenization as an illegal financial activity. The notice was jointly issued by the National Internet Finance Association of China, along with the Banking, Securities, Asset Management, Futures, Listed Companies, and Payment & Clearing associations.

The document explicitly names RWA for the first time in official regulatory guidance, listing it alongside stablecoins, worthless tokens, and mining operations as prohibited virtual currency activities. The cross-industry coordination at this level typic…

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