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flag China and Hong Kong worry tokenized assets may cause another P2P lending crisis without stronger rules.

flag Concerns are growing in China and Hong Kong that the surge in real-world asset tokenisation could mirror the 2010s P2P lending crisis if regulations aren’t strengthened. flag Some multilevel marketing firms are experimenting with tokenised assets, raising fears of fraud and investor losses. flag While the technology promises greater efficiency and transparency, experts warn it’s still early stage and not all assets should be digitised. flag China remains cautious after its 2021 crypto ban, while Hong Kong is advancing licensed stablecoin and RWA projects. flag To promote safety, industry leaders including HashKey Group and Coinfound launched the RWA Professional Committee under Hong Kong’s Digital Asset Industry Association to develop standards and collaborate with regulators.

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