Financial associations in China issue warning against virtual currencies and RWA token activities
According to ChainCatcher, seven financial industry associations in China jointly issued a risk warning, explicitly prohibiting local participation in virtual currencies and the issuance and trading of real asset tokens (RWA). Following this regulatory stance, companies on the mainland experienced a significant cooling in their RWA-related business projects in Hong Kong. Industry insiders report a sharp decline of over 90% in consultation inquiries, with many ongoing projects being requested to cease. As a result, related stocks have declined, with companies such as Longshen Group and GCL Energy Technology seeing their stock values drop to half of their recent highs. In response, some companies are now exploring real asset data (RDA) as an alternative trend.
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Financial associations in China issue warning against virtual currencies and RWA token activities
According to ChainCatcher, seven financial industry associations in China jointly issued a risk warning, explicitly prohibiting local participation in virtual currencies and the issuance and trading of real asset tokens (RWA). Following this regulatory stance, companies on the mainland experienced a significant cooling in their RWA-related business projects in Hong Kong. Industry insiders report a sharp decline of over 90% in consultation inquiries, with many ongoing projects being requested to cease. As a result, related stocks have declined, with companies such as Longshen Group and GCL Energy Technology seeing their stock values drop to half of their recent highs. In response, some companies are now exploring real asset data (RDA) as an alternative trend.