What China’s informal RWA pause request to Hong Kong brokerages reveals about KYC resistance and cross-border pressures

https://storyconsole.westword.com/sc/on-the-operational-turn-in-late-2025/

Which key questions does this informal pause raise, and why do they matter now? When an onshore regulator asks brokerages in an offshore financial center to pause distribution of real-world asset (RWA) products, it raises practical, legal,