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China’s seven largest financial associations have issued a joint warning about the risks associated with illicit activities in the virtual currency industry. It was signed by the National Internet Finance Association of China, the Banking Association, the Securities Association, the Asset Management Association, the Futures Association, the Listing Companies Association and the Payments and Clearing Association.
These associations act as regulators of the financial industry. The document they submitted clearly spells out the definition of Real World Assets (RWA). According to it, RWA is the activity of financing and trading assets through the issuance of tokens or other rights and debt obligations with similar characteristics.
It is emphasized that this activity has not received the approval of Chinese financial regulators, which automatically deprives all current RWA projects of a legal basis. Simply put, RWAs are banned in China: they are perceived as a risky business model that is subject to strict suppression. The associations also pointed out the risks associated with such digital assets – fraud, operational failures and speculative hype.
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Financial regulators have noted that transactions with RWA may be classified as illegal fundraising if tokens are issued to the general public. If trading is organized without appropriate approval, this may be regarded as an unauthorized issue of securities. The use of margin or betting mechanisms in trading is equivalent to illegal futures activities.
An important innovation was shared responsibility for service providers and intermediaries. The new rules apply not only to project teams, but also to a wide range of ecosystem participants: consultants, outsourcers, marketers, payment integrators and other specialists. Moreover, even if the company itself working with RWA is located outside of China, but its employees are present on the mainland of the country, this will be regarded as providing services within the PRC.
For foreign projects, the situation is also difficult: China is no longer considered an area with uncertain regulation – RWAs are completely excluded from the country’s legal framework.
In Russia, since 2026, qualified and non-professional investors have received different opportunities for transactions with digital financial assets (DFAs). Unqualified investors, that is, ordinary Russians, will be able to buy the most popular DFAs only if certain conditions are met and for a limited amount – 600,000 rubles per year.
