The Space event co-hosted by Web3Labs, Techub News, and MetaEra, themed "Integration of Digital Assets and the Real Economy: Hong Kong's Financial Innovation Testing Ground," gathered Hash Global founder KK, HashKey Eco Labs CEO Kay, Uweb President Yu Jianing, and Wang Lei, partner at Shanghai Mankun Law Firm, to engage in in-depth discussions around the "Hong Kong Digital Asset Development Policy Declaration 2.0" (hereinafter referred to as "Policy Declaration 2.0"). The event was hosted by Chinese Web3 presenter Qie Ge, focusing on the LEAP strategic framework (Legal and Regulatory Optimization, Tokenized Product Expansion, Application Scenario Advancement, Talent Ecosystem Development), analyzing how Hong Kong can become a global digital asset innovation center through open regulation, asset tokenization, and cross-border collaboration. The following five core topics distill the essence of the guests' viewpoints, showcasing Hong Kong's pioneering practices in the digital finance sector.

LEAP Framework: The Cornerstone of Hong Kong's Digital Asset Strategy

Uweb President Yu Jianing: The Four Pillars of LEAP Complement Each Other, Regulatory Optimization Lays the Foundation for Compliance

Uweb President Yu Jianing believes that the legal and regulatory optimization, tokenized product expansion, application scenario advancement, and talent ecosystem development within the LEAP framework complement each other, making it difficult to choose one over the others. Regulatory optimization is the cornerstone of compliant development, attracting financial institutions to upgrade licenses and absorb funds; tokenization expansion (such as government bonds) provides asset sources; application scenarios (such as stablecoins and RWA) build circulation models; and the talent ecosystem addresses the shortage of Web3 talent through Uweb courses and Hong Kong's registered digital analyst certification. The renaming from "virtual assets" to "digital assets" clarifies the source, aligns with global trends, and resonates with China's digital finance strategy. Hong Kong needs to avoid asset "empty circulation," aiming for integration with the real economy to create a sustainable innovation model. The exploration of government bond tokenization has already shown initial results, but innovative models need to break through.

HashKey Eco Labs CEO Kay: Tokenized Product Expansion Drives Ecosystem Implementation

HashKey Eco Labs CEO Kay emphasizes that tokenized product expansion (E) has the most direct driving force for Hong Kong's strategy. RWA "everything can be tokenized," compliant financial products (such as money market funds and bonds) are the first to be launched on the Hong Kong Stock Exchange due to their mature structure, while financial equivalents like gold and crude oil are suitable for early practice due to their large market size, and non-standard assets (such as ESG and collectibles) are slower to land. Innovations in on-chain financial tools (such as DeFi trading, lending, and staking) enhance asset liquidity and profitability, which need to be advanced within a compliant framework. The Policy Declaration 2.0 provides exploration opportunities for practitioners, and Hong Kong can drive the Web3 ecosystem's implementation through asset category expansion and on-chain tool innovation, contributing to the construction of a global digital asset center.

Wang Lei, Partner at Shanghai Mankun Law Firm: Modular Regulation Balances Innovation and Safety

Wang Lei, partner at Shanghai Mankun Law Firm, points out that Hong Kong promotes innovation through a "steady progress" approach via regulatory sandboxes and pilot programs while improving the licensing mechanism for stablecoins and trading custody. Technical compliance (such as stablecoin audits and liquidity management) needs to avoid restricting technological diversity. The EU's MiCA classification regulatory experience (high thresholds for electronic money-type stablecoins, heavy information disclosure for utility tokens) provides a reference for Hong Kong, which can formulate differentiated standards based on asset types to encourage RWA trading innovation and prevent fraud risks. This modular regulation supports the LEAP framework, enhancing Hong Kong's global competitiveness in the digital asset market while ensuring a balance between innovation and safety.

Regulatory Flexibility: New Developer System and Balancing Innovation Risks

Wang Lei, partner at Shanghai Mankun Law Firm: Prudent regulation aids technological diversity. Wang Lei states that Hong Kong adopts a "steady progress" approach through regulatory sandboxes, stablecoin regulation, and trading custody licensing mechanisms to balance innovation and safety. Technical compliance challenges (such as stablecoin audits and liquidity management) need to avoid restricting the diversity of technological paths to ensure innovative vitality. The EU's MiCA classification regulation serves as a reference, where electronic money-type stablecoins require high-threshold prudent regulation, and utility tokens focus on information disclosure. Hong Kong can draw on this model to establish differentiated standards, support RWA trading innovation, prevent fraud risks, and ensure system stability. The flexible mechanisms of Policy Declaration 2.0 assist in the development of Hong Kong's digital asset market, solidifying its position as a global innovation center.

RWA Scaling: Bonds and Stocks Lead, Policies Enhance Liquidity

Hash Global Founder KK: Standardized Financial Products Breakthrough First, Liquidity is Key

Hash Global founder KK believes that the enthusiasm for the RWA tokenization market is "overheated," and it remains in the POC stage in the short term (within the next two years). Stablecoins, money market funds, and bond funds, due to their mature structure and strong liquidity, are most likely to scale first, while the tokenization process for precious metals and renewable energy is slower. Policies need to enhance liquidity through transparent ETF rules and secondary market support to attract traditional institutional funds. The recent market recovery (such as Huaxing Capital restarting Web3 investments and Guotai Junan's promotion) indicates that regulatory easing is stimulating institutional interest. Liquidity is a core demand for Web3, and infrastructure needs to be improved to solve on-chain settlement interoperability, gradually advancing compliance to ensure scalable implementation.

Uweb President Yu Jianing: Huge Potential for Bond and Stock Tokenization, Policy Drives Integration

Uweb President Yu Jianing predicts that the stablecoin market may reach $3.7 trillion by 2030, with RWA tokenization filling the market size gap in Web3. Government bonds and corporate bonds, due to their large volume and high liquidity demand, are likely to scale first, while stock tokenization (such as the US stock iStock model) lowers the threshold through on-chain trading, attracting attention. Policies need to enhance liquidity through DeFi integration, transparent ETF rules, and secondary market support to attract institutional funds, promoting "tokenized securitization" and "securitized tokenization." Stablecoins serve both wealth management and payment functions, similar to the "Yu'ebao" model, requiring compliance frameworks to support RWA tokenization for serving the real economy.

Traditional Institutions Transformation: Collaboration Over Self-Building, Policies Lower Barriers

HashKey Eco Labs CEO Kay: Collaborative Symbiosis, Cooperation Models Accelerate Transformation

HashKey Eco Labs CEO Kay points out that large institutions can build their own alliance chains or public chain bridging platforms, but small and medium-sized institutions are more suited to collaborate with Web3 companies, combining traditional finance's assets and regulatory experience with blockchain technology expertise. The Policy Declaration 2.0 lowers barriers through ETF rules and on-chain asset custody, and HashKey has assisted multiple institutions in upgrading to license No. 149, expanding on-chain business. Web3 innovation is still in a blue ocean, and cooperation models achieve complementary advantages, with traditional institutions providing mature product design and Web3 companies contributing technological innovation. Hong Kong's compliance framework provides a starting point for transformation, and collaborative exploration can be extended to global capital markets.

Wang Lei, Partner at Shanghai Mankun Law Firm: Collaboration Achieves Low-Cost Efficient Implementation

Wang Lei, partner at Shanghai Mankun Law Firm, suggests that traditional institutions collaborate with Web3 native enterprises to leverage financial product design and on-chain technology advantages, efficiently advancing RWA tokenization at low cost. The law firm often recommends clients to enterprises deeply engaged in Web3 to ensure projects are implemented within the compliance framework of Policy Declaration 2.0. The collaboration model combines traditional institutions' regulatory experience and customer base with Web3 companies' technical expertise, lowering technological and compliance barriers, promoting the integration of digital assets and traditional finance, and helping Hong Kong build a global innovation center.

Policy Leverage: Cross-Border Regulatory Cooperation Builds a Global Hub

Hash Global Founder KK: Open Policies Are Better Than Conservative MiCA

Hash Global founder KK opposes borrowing the conservative regulation of the EU's MiCA, believing that the Policy Declaration 2.0 puts Hong Kong ahead globally, and policy leverage should remain open to attract traditional institutions' participation. Cross-border regulatory cooperation is more critical than unifying technical standards, promoting the liquidity of stablecoins and RWA through market mechanisms. Hong Kong should lead in stablecoin legislation ahead of the US and EU, formulating open and bold policies to enhance global competitiveness and solidify its position as a digital asset innovation center.

HashKey Eco Labs CEO Kay: Hong Kong Builds a Super Node for Regulatory Mutual Recognition

HashKey Eco Labs CEO Kay advocates that cross-border regulatory cooperation is a core leverage point, and Hong Kong should utilize its geographical advantages to lead the regulatory mutual recognition system, reducing compliance costs for global asset flows. Hong Kong is leading globally in stablecoin policy and Policy Declaration 2.0, and can connect different markets through regulatory exemptions and cooperation, promoting the internationalization of RWA and stablecoins. As a "super node," Hong Kong can surpass the single framework of MiCA, enhancing global discourse power and innovation leadership.

Wang Lei, Partner at Shanghai Mankun Law Firm: Globally Compatible Regulatory Framework Promotes Development

Wang Lei, partner at Shanghai Mankun Law Firm, emphasizes that Hong Kong needs to build a clear and predictable regulatory framework that is compatible with global markets. The MiCA "single compliance, multi-recognition" mechanism can be referenced to reduce cross-border institutional costs through regulatory mutual recognition, supporting the global implementation of RWA and stablecoins. Policies need to formulate practical measures to ensure that Hong Kong's rules align with international standards, enhancing global competitiveness and contributing to the construction of a digital asset innovation center.

Uweb President Yu Jianing: Digital Financial Hub of the Belt and Road Initiative

Uweb President Yu Jianing advocates that cross-border regulatory cooperation is key, and Hong Kong should establish a "Belt and Road" stablecoin payment alliance, expanding into Southeast Asia, the Middle East, and other markets, striving to capture a significant share of the $3.7 trillion stablecoin market. The Policy Declaration 2.0 aims to increase the market from $800 billion to $3.5 trillion, with Hong Kong potentially contributing one-third of the wealth increment. Policies need to accelerate "tokenized securitization" and "securitized tokenization," bridging traditional finance and Web3 through regulatory mutual recognition, allowing Hong Kong to become a global digital financial hub.

Conclusion

This Space event showcased Hong Kong's ambition to promote the integration of digital assets and the real economy under the guidance of Policy Declaration 2.0 through the LEAP framework. The guests unanimously agreed that regulatory optimization, RWA tokenization, and cross-border collaboration are core driving forces. Hong Kong needs to accelerate the integration of traditional finance and Web3 with open policies, regulatory mutual recognition, and market mechanisms, solidifying its position as a global digital asset innovation center and setting a benchmark for financial innovation.

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