Lawyer Liu Honglin pointed out that the document from the seven associations is the first to explicitly mention RWA (Real World Asset Tokenization) and provide a qualitative opinion. In the full text, RWA is listed alongside stablecoins, air coins, and mining as one of the main forms of “illegal activities related to virtual currencies.” This wording itself is a strong signal: RWA is no longer a “new technology” pending regulatory clarification, but is directly included in the regulatory crackdown list as a “risky business model.” This also means that the entire Web3 service chain built around RWA has been almost completely terminated within China.