People’s Bank of China Governor Pan Gongsheng, on behalf of the State Council, delivered the financial work report to the 25th session of the 14th NPC Standing Committee. In the section on preventing and cracking down on illegal financial activities, the report explicitly proposed, for the first time, “strengthening supervision of real-world asset (RWA) tokenization” — placed alongside improving the virtual currency regulatory framework, strengthening analysis of underground-bank leads tied to virtual assets, and refining the full-chain rectification mechanism for virtual currency mining. The report also confirmed that the digital renminbi’s positioning has smoothly transitioned from cash to deposit money.

The Securities and Futures Commission published consultation conclusions proposing amendments to the Securities and Futures Ordinance and the anti-money laundering ordinance, restricting unlicensed entities from using names in titles and marketing that could falsely suggest SFC regulation. Combinations of terms such as “crypto”, “cryptocurrency”, “exchange”, “trading platform” and “virtual asset” with exchange, trading-platform or clearing-facility references enter the restricted list, alongside a mechanism for faster updates. A bill will be introduced to the Legislative Council; the rules take effect six months after enactment.

South Korea’s Financial Services Commission is in final inter-agency coordination, targeting release of the government draft of the Digital Asset Basic Act this month and passage by year-end. Key provisions include: a 15%-20% cap on major-shareholder stakes in virtual asset exchanges (aligned with the alternative trading system standard under the Capital Markets Act), with a 1-2 year transition period; won-pegged stablecoin issuers restricted to bank-led consortia; conversion of exchange entry from registration to a licensing regime; and no-fault liability — operators must compensate for hacks or system failures even absent direct fault.

Amundi, one of Europe’s largest asset managers, announced a new tokenized share class of its Core STOXX Europe 600 equity index fund on public Ethereum, with technology provided by CACEIS. This is a rare concrete case in tokenization discussions: the underlying is an existing diversified European equity strategy, and what is tokenized is the fund share class — not the 600 constituent stocks themselves. Traditional distribution channels remain available, with the on-chain share class integrated into the existing operating model.

The DTCC has begun tokenizing DTC-custodied U.S. Treasury securities on the Canton Network, a permissioned blockchain environment engineered to support up to $6 trillion in RWA volumes, letting the DTCC manage on-chain settlement and custody of Treasuries while maintaining regulatory oversight and compliance controls. The same week, Blockworks’ Q3 report showed tokenized RWA on Avalanche’s C-Chain rose to a record $1.22 billion, ranking the network fourth among 24 tracked networks.