😵 #NewsAboutCrypto China's financial bodies have issued a caution against virtual currencies and RWA activities, impacting domestic ventures significantly.

According to ChainCatcher, seven financial industry associations in China have jointly issued a risk warning, explicitly prohibiting domestic participation in virtual currency and Real World Asset (RWA) token issuance and trading activities. Following this regulatory stance, mainland companies have seen a significant cooling in their RWA business ventures in Hong Kong. Industry insiders report a dramatic drop of over 90% in consultation inquiries, with many ongoing projects being asked to pause. Consequently, related concept stocks have experienced a decline, with companies like Langxin Group and GCL Energy Technology seeing their stock values halved from recent highs. In response, some enterprises are now exploring Real Data Asset (RDA) as an alternative direction.