The wave of tokenization sweeps the globe, how can Hong Kong stand out in this transformation?

As the tokenization of real-world assets (RWA) accelerates into the mainstream, a transformation reshaping the global financial landscape is quietly unfolding. Currently, over $24 billion of RWA is circulating on public chains, covering multiple fields such as income-generating U.S. Treasury bonds, private credit pools, tokenized commodities, and real estate. This attempt, once regarded as a "crypto curiosity experiment," is now becoming an important component of the global financial infrastructure, fundamentally reconstructing the underlying channels of capital markets.

In this global competition, Hong Kong is seeking a leading position with its unique advantages. On June 26, Hong Kong released the "Digital Asset Development Policy Statement 2.0," launching the "Leap" regulatory framework, which not only expands the regulatory scope to include stablecoin issuers, custodians, and RWA platforms, but also sends a clear message: Hong Kong is not just allowing tokenization, but is actively advocating for this innovation.

The "Leap" framework covers multiple aspects including the simplification of laws and regulations, the expansion of tokenized products, the promotion of application scenarios, and the development of talent and partnerships. By establishing a stablecoin licensing system, clarifying the regulatory framework for tokenized ETFs, and continuing previous pilot projects in digital bonds and green finance, Hong Kong is pushing to form a broader vision that encourages the tokenization of various assets ranging from precious metals to renewable energy infrastructure.

Hong Kong's regulatory approach stands in stark contrast to other markets. Singapore has adopted a more cautious approach, primarily focusing on institutional participation and restricting retail investors; the European Union has proposed a regulatory framework for crypto assets; the United States is mired in a fragmented regulatory tug-of-war. In contrast, Hong Kong offers a more unified, principle-based system, providing innovators and investors with the clarity and flexibility they need.

However, simply laying the tracks does not mean that the train can run on time. Issuing a tokenized asset is relatively easy; the real challenge is whether anyone is willing to hold, trade, and trust it. Many tokenization projects have found in practice that technology is not the bottleneck; the real test is whether commercial value truly exists and whether it can solve real problems for a clearly defined user group.

In this regard, some projects have achieved success. For example, tokenized U.S. Treasury products have gained widespread adoption among global savers due to their stable and transparent yields, particularly favored by emerging markets that lack secure income channels. Furthermore, some protocols have opened new paths in the private credit sector by matching institutional borrowers with crypto-native lenders and achieving on-chain transparent risk control, making the products bi-directionally available.

The local ecosystem in Hong Kong is also evolving in this direction. The Financial Management Authority's "Project Ensemble" is experimenting with tokenization in scenarios such as bonds, funds, carbon credits, charging infrastructure, and supply chain finance. These projects have great potential, but a "hit" product that can truly integrate the three elements of assets, audience, and usage scenarios on a large scale has yet to emerge.

Hong Kong has laid a solid foundation for the tokenization revolution: clear regulations, institutional recognition, and trustworthy projects through public-private collaboration are continuously advancing. It is increasingly seen as a safe and well-structured experimental environment for digital assets, and its potential as a bridge between the Chinese and global digital asset markets gives it strategic significance far beyond the local market itself.

However, the most challenging phase is just beginning. The competition in the next stage will be determined by "product-market fit" rather than more policies. Can Hong Kong attract Southeast Asian savers to invest in truly profitable stablecoin products? Can it connect China's industrial assets to global capital through compliant digital packaging? Can it incubate a new generation of RWA products that are not only legal and compliant but also have real market demand?

These issues will not only determine whether RWA is just a temporary trend or can become a lasting transformation; they will also decide whether Hong Kong can become the global capital of tokenization in this new era. If successful, Hong Kong will not only be a leader but also become one of the important definers of future financial forms. In this global tokenization race, Hong Kong is already at the starting line, and now it remains to be seen whether it can truly seize the opportunity and lead this financial revolution.