7 Chinese financial groups warn against RWA tokenization, other crypto activities

A coalition of seven Chinese financial associations, including the China Internet Finance Association, issued a warning on Dec. 5 against participating in or supporting transactions involving the tokenization of real-world assets (RWA). According to the Xinhua News Agency, the groups stated that all cryptocurrency-related business activities—including stablecoins, airdrops, mining, and RWA tokenization—are illegal in China. The associations emphasized that virtual assets do not hold the same legal status as fiat currency and cannot be used as a means of circulation. This warning follows a previous announcement by the People's Bank of China regarding a strict crackdown on illegal activities involving virtual assets such as stablecoins.