On July 1, 2025, marking the 28th anniversary of Hong Kong's return, the "Pearl of the Orient: Digital Chain Future: Hong Kong Web 3 New Dimensions Empowering Global Finance" Space event, co-hosted by Web 3 Labs, Techub News, and Jinse Finance, was successfully held at 19:30 (UTC+8). This event focused on Hong Kong's innovative practices in the Web 3 and global financial sectors, centered around the theme "RWA Revolution - Hong Kong's Trillion-Level Assets on the Chain," gathering industry experts to discuss the opportunities and challenges of real-world assets (RWA) on the blockchain. The discussion was led by Techub News founder Alma and Chinese Web 3 host Qie Ge, with guests including VDX trading platform Chief Strategy Officer Paolo, Mulan Investment Management Legal Director Gilbert Ng, Uweb President Yu Jianing, RWA Group CEO Tony Fu, and KOLs Da Biao Ge, Qian Qian Qian Xiao Yu, and Ohmann (Zhang Aoman). Below are the core insights shared during the discussion between the host and guests.
How RWA Drives Hong Kong's Financial Digital Transformation (VDX Trading Platform Chief Strategy Officer Paolo)
Host Alma asked how Hong Kong, as a global financial center, can leverage blockchain technology and regulatory frameworks to promote RWA on the chain, addressing issues of liquidity and transparency in traditional financial assets, and facilitating the digital transformation of trillion-level assets.
VDX Trading Platform Chief Strategy Officer Paolo analyzed from a macro perspective, pointing out that the implementation of stablecoin legislation in the U.S. and Hong Kong has sparked a wave of traditional finance and Chinese brokerage firms entering the virtual asset space, reflecting a trend towards the compliance and institutionalization of virtual assets. He characterized the U.S. strategy as "on-chain digital colonialism," reinforcing dollar hegemony through stablecoin and U.S. Treasury distribution, attracting global capital to create a Matthew effect; Hong Kong, on the other hand, is positioned as an "on-chain trading port," utilizing the advantages of "one country, two systems" to serve as a window for mainland assets to attract foreign investment and explore non-dollar settlement solutions. Paolo emphasized that stablecoins and RWA represent the mapping of the on-chain funding side and asset side, respectively, and that Hong Kong is promoting the internationalization of the renminbi and the construction of an independent settlement network through RWA, occupying a unique position in global financial innovation.
Legal Compliance and Opportunities of RWA (Mulan Investment Management Legal Director Gilbert Ng)
Host Alma inquired about which areas of Hong Kong's RWA industry development are feasible from a legal perspective, which are restricted, and what opportunities and legal challenges exist.
Mulan Investment Management Legal Director Gilbert Ng (Lawyer Wu) pointed out that Hong Kong's attitude towards virtual assets has shifted from a "money laundering" misunderstanding to regulatory support since 2017. The three main legal concerns regarding RWA development include:
- Traditional financial institutions prefer private chains to ensure compliance;
- Custody solutions must be clearly defined to meet the requirements of the Securities and Futures Commission (SFC);
- Transaction records must comply with the "gold standard" of off-chain traditional finance. Real estate RWA faces challenges due to off-chain registration requirements, but can circumvent restrictions through rental income fundization; bonds and funds are easier to approve due to standardization. Lawyer Wu further clarified that RWA compliance depends on whether the underlying assets are regulated under the Securities and Futures Ordinance; for example, spot gold and other non-security assets are not regulated under the Securities and Futures Ordinance, making compliance thresholds potentially lower. Hong Kong's secondary market has great potential, but lacks infrastructure; if Hong Kong's stablecoin can support the internationalization of the renminbi after its launch, it will further expand the market.
Crypto Native Perspectives on Hong Kong RWA (Ohmann)
Host Alma asked Crypto Native practitioner Ohmann whether he is paying attention to Hong Kong RWA, whether he would trade related tokens, and his views on the development prospects.
Ohmann (Zhang Aoman) stated that as a "veteran in the crypto space," he is interested in the RWA concept, especially during project research or KOL round investments, but he is cautious about trading Hong Kong RWA tokens. He prefers to invest in familiar areas to increase his success rate, and being in the mainland, he has limited understanding of Hong Kong's real estate, art, and other RWA assets, fearing being "cut down." He acknowledges that RWA lowers the investment threshold for high-value assets and enhances liquidity through tokenization, but personal investments require reliable guidance. Ohmann did not explicitly comment on the prospects of Hong Kong RWA but hinted that its potential needs to be combined with local market insights and risk control.
Target User Groups for RWA
Host Alma asked RWA Group CEO Tony Fu who the main user groups for RWA are after the tokenization of quality assets.
RWA Group CEO Tony Fu believes that the success of RWA requires buyer support, and its user groups can be divided into two categories:
- Crypto Native investors who have profited in the crypto space and, facing high token prices, tend to allocate their earnings to traditional assets through RWA while retaining the crypto form to avoid tax and regulatory complexities;
- High-net-worth individuals in traditional finance with disposable funds exceeding ten million Hong Kong dollars, who are cautious about traditional investments due to economic downturns and are willing to allocate a small proportion of funds to RWA to diversify risks and pursue potential high returns.
These users may be first-time cryptocurrency users, participating in RWA investments through Hong Kong's stablecoins and wallets. Tony Fu emphasized that Hong Kong's RWA market can connect crypto and traditional finance, promoting the tokenization of quality assets and attracting global capital.
The Role of Stablecoins in Promoting RWA and the Prospects for Hong Kong Stock Tokenization
Host Alma asked Uweb President Yu Jianing where the opportunities for Hong Kong stablecoins lie, their role in RWA development, and whether Hong Kong stocks could emulate U.S. stock tokenization.
Uweb President Yu Jianing pointed out that the "Stablecoin Regulatory Ordinance," effective August 1, 2025, marks the world's first regulatory framework for fiat stablecoins, positioning stablecoins as payment and settlement tools, sparking market discussions. Hong Kong can issue USD or HKD stablecoins, but USD stablecoins are more attractive due to their strong liquidity, although U.S. regulatory maturity makes their licenses more competitive. Stablecoins provide efficient cross-border payment support for RWA, with RWA development occurring in three stages: currency tokenization (stablecoins), bond/commodity tokenization, and stock tokenization. The U.S. leads in stock tokenization (e.g., Robinhood perpetual contracts), while Hong Kong stock tokenization faces challenges due to the Hong Kong Stock Exchange's monopoly. Yu Jianing believes that Hong Kong needs to accelerate innovation, exploring REIT and ABS tokenization, leveraging the advantages of "one country, two systems" to attract cross-border assets, but must be wary of competitive pressure from the U.S.
The Significance of Stablecoins for RWA Compliance Issuance
Host Alma asked KOL Qian Qian Qian Xiao Yu about the significance of Hong Kong's "Stablecoin Regulatory Ordinance" for RWA asset on-chain and compliant issuance, as well as his views on stablecoin types.
Xiao Yu believes that Hong Kong's stablecoin regulations promote RWA development from regulatory and compliance perspectives. From a regulatory standpoint, issuers must obtain HKMA licenses and establish local entities, with reserve assets needing to be highly liquid (e.g., bonds, HKD) and entrusted to licensed trustees to ensure transparency and security. In terms of compliance, stablecoins shorten the RWA settlement cycle to seconds, cross-chain transactions are insulated from value fluctuation risks, and assets are verifiable and traceable, meeting central bank standards, facilitating audits and tax calculations. Xiao Yu emphasized that stablecoins provide an efficient and transparent trading environment for RWA, promoting the issuance and circulation of digital assets. He did not express a preference for USD or HKD stablecoins but stressed that asset quality and compliance are key.
The Role of RWA in Hong Kong's Web 3 Ecosystem and Its Advantages
Host Alma asked KOL Da Biao Ge about the significance of RWA in Hong Kong's Web 3 ecosystem and how Hong Kong can leverage its advantages to promote RWA development.
Da Biao Ge expressed a cautious attitude towards the RWA (real-world assets) concept, believing it is currently more of a hype with many drawbacks, especially in the mainland and Hong Kong, where related fraud cases have significantly increased. He found data indicating a substantial year-on-year increase in fraud reports in Hong Kong. Nevertheless, he believes that RWA has certain significance when combined with actual assets, particularly under the backdrop of Hong Kong's "one country, two systems" policy and recent compliance legislation for virtual currencies, which has attracted numerous crypto projects and international resources, making it a gold rush area. However, he pointed out that current regulations are still opaque, and fraud issues are prominent, but this also represents a period of industry dividends. As long as regulations are not fully clarified, the gray areas provide profit opportunities for practitioners. He suggested that if Hong Kong can take the lead in establishing a clear regulatory framework ahead of the U.S., it will attract more capital from the West to the East; otherwise, it may become a "follower," with policies appearing lively but yielding limited results. Da Biao Ge emphasized his confidence in the country's blockchain development, believing that the Eastern powers will become increasingly strong in this field.
Alma agreed with Da Biao Ge's remarks, noting that he analyzed industry chaos and raised practical issues. She specifically mentioned Marco as a senior figure in Hong Kong with licensed RO (license 149 and the first license 9), wanting to understand his views on Hong Kong's role and advantages in RWA (real-world assets) and Web 3 construction, especially in promoting RWA and how to avoid the situation of "getting up early but arriving late."
Solowin Web 3 Partner Marco affirmed Hong Kong's efforts in promoting RWA (real-world assets) and Web 3 construction, believing that although Hong Kong started slower than the U.S. in regulatory legislation, it has shown positive progress through the stablecoin licensing system. He pointed out that Hong Kong's goal is to tokenize traditional financial assets, enhancing transaction efficiency and smoothness through blockchain technology, especially in the primary market for issuing financial products, in conjunction with stablecoin development, to open international market sales channels, focusing on overseas rather than domestic markets. The Hong Kong Securities and Futures Commission has already provided compliance support for tokenized financial products based on the existing securities law framework, and there is hope for further internationalization of domestic assets through offshore renminbi stablecoins in the future. Marco emphasized that the RWA market needs to first improve primary market issuance before the secondary market can gradually develop. Although issues such as regulation and liquidity still require time to resolve, through tokenization, Hong Kong can achieve diversified sales of financial products, enhancing global competitiveness.
Hong Kong's New Stablecoin Regulations and the RWA Track: Building a New Global Payment Infrastructure
In this episode of Space, the second theme was hosted by Jinse Finance's Tina, with guests including HashKey Chain BD Head Ellie, founding lawyer Liu Honglin from Shanghai Maikun Law Firm, Solowin Web 3 Partner Marco, Dashi Finance's Elma, and Da Biao Ge, engaging in a lively discussion on "Stablecoin Track - Hong Kong's New Global Payment Infrastructure." The new regulations for Hong Kong stablecoins, centered on 100% reserves and a clear licensing mechanism, significantly enhance regulatory clarity and attract traditional financial institutions. Ellie pointed out that the new regulations reduce regulatory uncertainty, enhance market trust, and facilitate the expansion of cross-border payments, DeFi, and the RWA market, but high compliance costs (25 million capital, localized operations) limit participation from small and medium-sized institutions. Elma emphasized that in Q2 2024, global stablecoin transfer volumes reached $4 trillion, and Hong Kong can leverage its financial hub advantages to attract banks and internet companies, although it is currently constrained by market size and the dominance of USD stablecoins. Marco revealed that giants like JD.com, Ant Group, and Standard Chartered Bank have entered the regulatory sandbox, targeting the $30-60 trillion B2B e-commerce payment track, challenging the traditional Swift system. Da Biao Ge maintained a cautious attitude, believing that achieving trillion-level incremental funds in the short term is difficult and suggested focusing on Bitcoin while maintaining independent judgment.
RWA and Stablecoins Complement Each Other; Compliance and Ecological Diversification are Key
The new stablecoin regulations accelerate the RWA track, and the guests believe that the two complement each other, laying the foundation for Hong Kong's new global payment infrastructure. Elma pointed out that stablecoins provide efficient settlement for RWA, shortening financing cycles (for example, Bank of China Hong Kong's CNH stablecoin pilot reduced from 7 days to 4 hours), with Goldman Sachs predicting that the growth of $1 billion in stablecoins will drive $320 million in RWA on-chain, potentially reaching a market of $16 trillion by 2030. Ellie emphasized that RWA attracts off-market funds, with institutions like BlackRock entering and creating a snowball effect, while stablecoins lower compliance costs and enhance transaction feasibility. Lawyer Liu Honglin warned that cross-border regulatory cooperation is the biggest challenge, as stablecoin circulation on public chains must meet the enforcement requirements of multiple countries, complicating asset freezing operations. Regarding future dominant factors, Da Biao Ge believes that licensing is merely a threshold, and Hong Kong needs to stand out in the global blockchain landscape; Lawyer Liu Honglin advocates for differentiated profit models (such as JD.com's B2B scenarios) as more critical; Ellie emphasized that competitive licensing grants first-mover advantages, and ecological diversification (such as expanding on-chain/off-chain scenarios) determines profitability. Hong Kong needs to overcome technical and regulatory adjustments, leveraging the advantages of "one country, two systems" to create a new global financial ecosystem that integrates stablecoins and RWA.
Hong Kong Rides the Web 3 Wave to Forge a New Future for Global Finance
On the occasion of the 28th anniversary of Hong Kong's return, this "Pearl of the Orient: Digital Chain Future" Space event gathered industry wisdom to deeply explore Hong Kong's global financial innovation potential in the stablecoin and RWA tracks. With a clear regulatory framework for stablecoins and the unique advantages of "one country, two systems," Hong Kong attracts giants like JD.com and Ant Group to enter the market, targeting the trillion-level cross-border payment and asset tokenization markets, challenging the dollar-dominated financial landscape. The guests unanimously agreed that stablecoins and RWA complement each other, injecting an efficient and transparent on-chain ecosystem into traditional finance, aiding the internationalization of the renminbi and global capital flow. However, high compliance costs, the complexity of cross-border regulation, and the market cultivation cycle still need to be overcome. If Hong Kong can accelerate legislative innovation, improve infrastructure, and expand diversified application scenarios, it will transform from a "follower" to a "wind maker" in the Web 3 wave, leading the global digital transformation of finance with the brilliant light of the Pearl of the Orient, writing a magnificent blueprint for the future of digital chains.
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