China’s Financial Work Report Flags RWA Tokenization as Asian Frameworks Converge
Today’s Focus
RWA tokenization appears for the first time in the PBOC’s annual financial work report, listed alongside the virtual currency regulatory policy framework under “preventing and cracking down on illegal financial activities,” as e-CNY is redefined as deposit money. In the same window, Hong Kong moves to legislate against misuse of crypto/exchange terms, and Korea’s digital asset basic law draft caps exchange shareholding — Asian regulatory frameworks are converging within three days. Supply is accelerating in parallel: DTCC tokenizes Treasuries on Canton, Morgan Stanley joins the first wave, and tokenization moves from pilots into settlement and custody workflows.
Industry Flash
10 items
China flags RWA tokenization regulation for the first time — The PBOC financial work report puts RWA tokenization alongside the virtual currency framework in its annual agenda, redefining e-CNY as deposit money
Hong Kong moves to restrict crypto/exchange terms by law — SFC consultation summary would bar unauthorized entities from names implying regulation, effective six months after enactment
Korea’s digital asset basic law draft lands this month — Exchange major-shareholder cap of 15%-20%, won stablecoins reserved for bank-led consortiums, target passage within the year
DTCC tokenizes Treasuries on Canton — The permissioned network is designed for up to $6 trillion in RWA, managing settlement and custody on-chain with regulatory controls intact
Morgan Stanley among first users of DTCC tokenization — The $10.5 trillion bank starts converting US stocks and Treasuries into on-chain representations, with DTC custody unchanged
Amundi’s flagship European equity fund goes onchain — New tokenized shares of Core STOXX Europe 600, powered by CACEIS, tokenize fund shares rather than individual stocks
Schroders puts emerging market bonds on Solana — Centrifuge issues onchain shares of a feeder fund, extending onchain fixed income from cash into credit and FX risk
Hong Kong’s 17 tokenized retail products hit HK$10.3 billion — First disclosure of tokenized-class AUM as of end-September, with gold and covered-call ETF classes now on the shelf
Circle payment network hits $41.3 billion annualized volume — Q3 reserve income fell 8% YoY as stablecoin business seeks growth engines beyond interest
Multiliquid Treasury launches 24/7 corporate cash management — Idle cash earns up to 3.5% tied to 3-month T-bill rates with atomic instant redemption
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