#区块链金融创新 When I saw this news, the first thought that flashed through my mind was: here we go again.

I experienced the 2021 ban firsthand. Back then, many people still hoped that "the policy would change" or "it was just temporary." But what happened? The seven major financial associations jointly issued statements, leaving no stone unturned—from mining and stablecoins to RWA. The crackdown was even harsher than three years ago. Especially in the RWA sector—the global market exceeds $30 billion, and BlackRock's BUIDL fund is pushing it—yet here, they are directly sentenced to death, with the statement "no entity asset tokenization activities have been approved yet."

What hurts the most are those projects claiming to be "innovative." Things like Pi Network should have been exposed long ago, but what really makes me cautious is that seemingly compliant RWA pathways are being blocked—what does this mean? It indicates that regulators see through a trick: bypassing foreign exchange controls and capital outflows through tokenization. What sounds like noble financial innovation is actually based on this logic.

I have seen too many people fooled by the "global opportunity," playing all kinds of tricks with VPNs and proxy wallets. But when it comes to policy enforcement, they are never lenient—employees face legal consequences. This is not alarmist talk; it’s a real risk.

The secret to longevity is simple: don’t bet on policy reversal, and avoid participating in any projects that require "gray area operations." Behind those high-yield promises, nine out of ten are crossing regulatory red lines. Hong Kong has licenses and pilot programs, but that’s limited to offshore assets. As for the domestic market? Just pretend it doesn’t exist.