{"id":10759,"date":"2025-09-22T13:00:53","date_gmt":"2025-09-22T13:00:53","guid":{"rendered":"https:\/\/www.coinspeaker.com\/fr\/?p=10759"},"modified":"2025-09-22T12:32:07","modified_gmt":"2025-09-22T12:32:07","slug":"chine-hong-kong-tokenisation-rwa","status":"publish","type":"post","link":"https:\/\/www.coinspeaker.com\/fr\/chine-hong-kong-tokenisation-rwa\/","title":{"rendered":"Coup d\u2019arr\u00eat : P\u00e9kin bloque l\u2019essor de la tokenisation d\u2019actifs \u00e0 Hong Kong"},"content":{"rendered":"<h2>P\u00e9kin met la pression sur la tokenisation d\u2019actifs \u00e0 Hong Kong<\/h2>\n<p>P\u00e9kin a demand\u00e9 \u00e0 plusieurs courtiers chinois de <strong>mettre en pause leurs projets de tokenisation d\u2019actifs r\u00e9els (RWA)<\/strong> \u00e0 Hong Kong.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">JUST IN: \ud83c\udde8\ud83c\uddf3 China\u2019s securities regulator instructs leading Chinese firms to pause their real-world asset (RWA) businesses. <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/t.co\/nMxmfD9vu8\">pic.twitter.com\/nMxmfD9vu8<\/a><\/p>\n<p>&mdash; Whale Insider (@WhaleInsider) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/WhaleInsider\/status\/1970079808999567486?ref_src=twsrc%5Etfw\">September 22, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>L\u2019information, r\u00e9v\u00e9l\u00e9e le 22 septembre par Reuters, refl\u00e8te les inqui\u00e9tudes du r\u00e9gulateur chinois face \u00e0 l\u2019enthousiasme qui entoure ce march\u00e9 \u00e9mergent.<\/p>\n<h2>Un signal discret, mais ferme<\/h2>\n<p>Selon deux sources proches du dossier, au moins deux grandes maisons de courtage ont re\u00e7u ces derni\u00e8res semaines des consignes informelles de la <a href=\"https:\/\/en.wikipedia.org\/wiki\/China_Securities_Regulatory_Commission\" target=\"_blank\" rel=\"\">China Securities Regulatory Commission (CSRC)<\/a>. Objectif : \u00e9viter que la ru\u00e9e vers les <a href=\"https:\/\/www.coingecko.com\/learn\/what-are-real-world-assets-exploring-rwa-protocols\" target=\"_blank\" rel=\"\">RWAs<\/a> ne se transforme en course incontr\u00f4l\u00e9e.<\/p>\n<p>La tokenisation consiste \u00e0 transformer des actifs traditionnels, actions, obligations ou m\u00eame immobilier, en jetons num\u00e9riques \u00e9changeables sur la blockchain. Le secteur p\u00e8se aujourd\u2019hui environ 29 milliards de dollars. Mais certains pr\u00e9disent qu\u2019il pourrait d\u00e9passer 2 000 milliards d&rsquo;ici \u00e0 2030.<\/p>\n<p>Autrement dit, P\u00e9kin ne veut pas voir ses courtiers se lancer t\u00eate baiss\u00e9e dans un domaine encore jeune, sans garde-fous suffisants.<\/p>\n<h2>Hong Kong acc\u00e9l\u00e8re malgr\u00e9 tout<\/h2>\n<p>Ce rappel \u00e0 l\u2019ordre tranche avec la dynamique observ\u00e9e du c\u00f4t\u00e9 de Hong Kong. Depuis un an, la ville multiplie les initiatives pour devenir un <strong>centre r\u00e9gional des actifs num\u00e9riques<\/strong>.<\/p>\n<p>Elle a mis en place un r\u00e9gime pour <a href=\"https:\/\/www.coinspeaker.com\/fr\/stablecoins-surveillance-sans-freiner-adoption\/\" target=\"_blank\" rel=\"\">encadrer les stablecoins<\/a> et ouvert la porte \u00e0 la gestion d\u2019actifs virtuels et au trading crypto.<\/p>\n<p>Plusieurs courtiers chinois avaient d\u00e9j\u00e0 pris les devants. GF Securities, par exemple, a lanc\u00e9 en juin les \u00ab <strong>GF tokens<\/strong> \u00bb, adoss\u00e9s \u00e0 plusieurs devises. Un mois plus tard, China Merchants Bank International a particip\u00e9 \u00e0 l\u2019\u00e9mission d\u2019une <strong>obligation num\u00e9rique de 500 millions de yuans<\/strong>.<\/p>\n<p>M\u00eame des promoteurs immobiliers comme Seazen Group ont affich\u00e9 leurs ambitions en cr\u00e9ant un institut d\u00e9di\u00e9 \u00e0 la tokenisation \u00e0 Hong Kong.<\/p>\n<h2>P\u00e9kin freine, Hong Kong pousse<\/h2>\n<p>En Chine continentale, la ligne reste claire : <strong>prudence maximale<\/strong>. P\u00e9kin a interdit le minage et le trading de cryptomonnaies en 2021 et ne souhaite pas voir la finance num\u00e9rique perturber la stabilit\u00e9 du syst\u00e8me.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-6847 aligncenter\" src=\"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/08\/bitcoin_china_resized.jpg\" alt=\"\" width=\"1580\" height=\"850\" srcset=\"https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/08\/bitcoin_china_resized.jpg 1580w, https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/08\/bitcoin_china_resized-300x161.jpg 300w, https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/08\/bitcoin_china_resized-1024x551.jpg 1024w, https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/08\/bitcoin_china_resized-768x413.jpg 768w, https:\/\/www.coinspeaker.com\/fr\/wp-content\/uploads\/sites\/6\/2025\/08\/bitcoin_china_resized-1536x826.jpg 1536w\" sizes=\"auto, (max-width: 1580px) 100vw, 1580px\" \/><\/p>\n<p>En ao\u00fbt, les autorit\u00e9s avaient d\u00e9j\u00e0 demand\u00e9 \u00e0 certains courtiers de cesser de publier des recherches vantant les stablecoins.<\/p>\n<p>Hong Kong, en revanche, poursuit sa strat\u00e9gie d\u2019ouverture. Le <a href=\"https:\/\/en.wikipedia.org\/wiki\/Hong_Kong_Monetary_Authority\" target=\"_blank\" rel=\"\">Hong Kong Monetary Authority (HKMA)<\/a> et le <a href=\"https:\/\/en.wikipedia.org\/wiki\/Financial_Services_and_the_Treasury_Bureau\" target=\"_blank\" rel=\"\">Financial Services and the Treasury Bureau (FSTB)<\/a> examinent m\u00eame un cadre l\u00e9gal pour la tokenisation, en s\u2019appuyant sur les exp\u00e9riences internationales.<\/p>\n<h2>Les march\u00e9s r\u00e9agissent avec euphorie<\/h2>\n<p>Si P\u00e9kin appelle \u00e0 la retenue, les march\u00e9s, eux, voient les choses autrement. Ces derniers mois, plusieurs annonces li\u00e9es aux actifs num\u00e9riques \u00e0 Hong Kong ont d\u00e9clench\u00e9 de v\u00e9ritables envol\u00e9es boursi\u00e8res.<\/p>\n<p>Les actions de Guotai Junan International ont bondi de plus de <strong>400 % apr\u00e8s l\u2019obtention d\u2019une licence crypto<\/strong> en juin. Celles de Fosun International ont pris 28 % en ao\u00fbt, quand son patron <a href=\"https:\/\/fr.wikipedia.org\/wiki\/Guo_Guangchang\" target=\"_blank\" rel=\"\">Guo Guangchang<\/a> a rencontr\u00e9 des responsables hongkongais pour \u00e9voquer les stablecoins.<\/p>\n<p>Ces r\u00e9actions illustrent une r\u00e9alit\u00e9 : les investisseurs consid\u00e8rent la tokenisation comme un relais de croissance majeur, m\u00eame si le cadre r\u00e9glementaire reste incertain.<\/p>\n<h2>Un \u00e9quilibre encore fragile<\/h2>\n<p>L\u2019affaire montre une nouvelle fois la <strong>dualit\u00e9 chinoise<\/strong>. D\u2019un c\u00f4t\u00e9, P\u00e9kin verrouille le march\u00e9 int\u00e9rieur et temporise. De l\u2019autre, Hong Kong avance \u00e0 marche rapide pour se poser en hub crypto mondial.<\/p>\n<p>Reste \u00e0 voir comment ces deux approches pourront coexister. Trop de frein c\u00f4t\u00e9 chinois, et Hong Kong pourrait voir son \u00e9lan coup\u00e9 net. Trop de libert\u00e9, et P\u00e9kin pourrait craindre une bulle incontr\u00f4lable. Entre prudence et innovation, le curseur est encore loin d\u2019\u00eatre fix\u00e9.<\/p>\n<hr \/>\n<p>Source : <a href=\"https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/china-ask-brokers-pause-real-world-asset-business-hong-kong-sources-say-2025-09-22\/\" target=\"_blank\" rel=\"\">Reuters.com<\/a><\/p>\n<hr \/>\n<p>\u00c0 lire aussi :<\/p>\n<ul>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/usat-pari-americain-tether-genius-act\/\" rel=\"\">USAT : le pari am\u00e9ricain de Tether face au GENIUS Act<\/a><\/li>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/digital-euro-rentable-prestataires-savoir\/\">Le digital euro bient\u00f4t rentable pour les prestataires de paiements : ce qu\u2019il faut savoir<\/a><\/li>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/pologne-premier-etf-bitcoin\/\">Pologne : premier ETF Bitcoin cot\u00e9 \u00e0 Varsovie<\/a><\/li>\n<\/ul>\n<a class=\"infinscroll_next_page_link\" style=\"display:none\" href=\"https:\/\/www.coinspeaker.com\/fr\/panique-hyperliquid-apres-avoir-encense-projet\/\" rel=\"prev\">next<\/a>","protected":false},"excerpt":{"rendered":"<p>P\u00e9kin a demand\u00e9 \u00e0 plusieurs courtiers chinois de geler leurs projets de tokenisation d\u2019actifs \u00e0 Hong Kong, selon Reuters. Alors que la Chine continentale freine pour prot\u00e9ger la stabilit\u00e9 financi\u00e8re, Hong Kong acc\u00e9l\u00e8re ses efforts pour attirer entreprises et investisseurs dans les actifs num\u00e9riques. Ce contraste met en lumi\u00e8re la strat\u00e9gie \u00e0 double vitesse entre prudence r\u00e9glementaire et volont\u00e9 d\u2019innovation.<\/p>\n","protected":false},"author":200,"featured_media":10765,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,42],"tags":[],"class_list":["post-10759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actu","category-reglementation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chine vs Hong Kong : P\u00e9kin freine la tokenisation d\u2019actifs<\/title>\n<meta name=\"description\" content=\"P\u00e9kin demande aux courtiers chinois de suspendre la tokenisation d\u2019actifs \u00e0 Hong Kong, freinant l\u2019essor du hub crypto r\u00e9gional.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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Je souhaite y apporter mon approche analytique et rationnelle, tout en conservant ma curiosit\u00e9. En dehors de l\u2019\u00e9cran, je lis beaucoup (\u00e9conomie, essais, un peu de science-fiction) et je prends plaisir \u00e0 bricoler. Le DIY, pour moi, c\u2019est comme la crypto : comprendre, tester, construire soi-m\u00eame.","url":"https:\/\/www.coinspeaker.com\/fr\/author\/emmanuel\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/10759","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/users\/200"}],"replies":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/comments?post=10759"}],"version-history":[{"count":4,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/10759\/revisions"}],"predecessor-version":[{"id":10778,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/posts\/10759\/revisions\/10778"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media\/10765"}],"wp:attachment":[{"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/media?parent=10759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/categories?post=10759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.coinspeaker.com\/fr\/wp-json\/wp\/v2\/tags?post=10759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}