China has fully regulated RWA without a complete ban 🚨

CSRC has released an official framework for tokenized RWA.
Domestic issuances are subject to licensing. Offshore issuances require strict reporting.
The crypto ban is still in effect.
This is essentially a transition to a state-controlled model. In the short term, there is uncertainty, but in the long term, the narrative of institutional RWA is strengthening. Recognizing the huge potential in this area, China has already begun tightening oversight. RWA is now part of the global financial system. Regulated, bank-integrated, real-asset-backed RWA projects will be on the winning side in the long run.