Group 1 - China's securities regulator, the China Securities Regulatory Commission (CSRC), has instructed brokerages to pause their real-world asset (RWA) tokenization business in Hong Kong, reflecting a cautious stance from Beijing as the city advances its digital-asset initiatives [1][5] - The CSRC's guidance is aimed at managing risks and ensuring that only "strong, legitimate businesses" engage in RWA activities [3][6] - The RWA tokenization process involves converting regulated assets like bonds, equities, and real estate into blockchain-based tokens, which has gained traction in Hong Kong following the Securities and Futures Commission's (SFC) roadmap for virtual assets [3][4] Group 2 - The SFC has initiated a stablecoin licensing regime, attracting interest from approximately 77 firms, indicating a push towards establishing Hong Kong as a global hub for virtual assets [4] - Despite the advancements in tokenization and stablecoin licensing, Beijing maintains strict restrictions on crypto trading and mining since 2021 [5] - Observers interpret the CSRC's actions as a cautious approach to integrating tokenized assets with capital markets, particularly in cross-border contexts [6][7]