Core Viewpoint - Mainland Chinese industry associations have issued a warning to real-world asset (RWA) tokenisation providers, indicating a tightening of regulations by Beijing against digital-asset activities, contrary to earlier expectations of a potential easing of restrictions [1][5]. Industry Associations' Warning - Seven industry bodies, including the National Internet Finance Association of China, the China Banking Association, and the Securities Association of China, have stated that tokenising real-world assets involves risks such as fake assets, business failure, and speculative trading, and that no such activities have been approved by Chinese authorities [2][4]. - This warning marks the first explicit targeting of RWA tokenisation by Chinese authorities, which is seen as a method to facilitate faster and cheaper transactions through blockchain technology [4]. Regulatory Oversight - The industry associations are under the supervision of key regulators, including the People's Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC) [3]. - The PBOC and other regulators have emphasized that stablecoins do not comply with mainland requirements regarding customer identification and anti-money laundering [5][6]. Implications for the Market - The warning from industry associations has raised concerns about Hong Kong's aspirations to become a regulated hub for digital assets, as the mainland's strict stance could impact regional ambitions [7].