The competition for blockchain in Hong Kong is heating up, and many giants are accelerating the implementation of RWA in

원저자: Nancy, PANews

As the global asset tokenization wave sweeps across the world, Hong Kong is becoming a key testing ground for on-chain asset layout. Recently, on-chain layout is also experiencing an accelerated evolution: on the one hand, the Hong Kong government has launched multiple measures to promote tokenization experiments, and on the other hand, many Internet and traditional financial companies such as JD Technology, Futu Securities, Ant Digits and Guotai Junan are actively promoting RWA layout.

According to PANews, many domestic companies holding physical assets have also heard the news and are seeking to put their assets on the chain for tokenized financing. The most common compliance solution is to confirm the ownership of domestic assets on the alliance chain, then set up a main body in Hong Kong to control domestic assets, and then issue tokens for financing. Such companies range from agriculture to new energy to real estate, and the essence of exploring RWA (tokenization of real assets) is still for financing, but Hong Kongs RWA industry is still crossing the river by feeling the stones.

As Hong Kong RWA accelerates, many institutions accelerate their layout on the blockchain

The on-chainization of real assets is becoming a key fulcrum for the deep integration of TradeFi and 암호화폐 finance, and a two-way financial revolution is accelerating in Hong Kong. In recent months, companies such as JD Technology, Ant Digits, Guotai Junan International, China Carbon Neutrality, and HashKey Chain have been deeply involved in the innovation and implementation of the RWA field through different paths such as stablecoin issuance, traditional asset tokenization, and RWA infrastructure construction.

JD Technology: Issue stablecoin in Hong Kong to promote RWA layout

According to Zero One Think Tank, JD Technology Group recently released a number of RWA-related job recruitment information on BOSS Zhipin, positioning it as the companys strategic layout in the field of combining new energy and blockchain. The recruitment positions include product director of asset management system and solution director, who are mainly responsible for the asset management system design, asset acquisition and industrialization of new energy asset RWA. It is worth noting that JD explicitly requires that product design be seamlessly connected with JD Stablecoin and digital RMB. At the same time, JD Technology Group is also recruiting a position Overseas Financial Business Development, with a focus on promoting the implementation of stablecoin business.

In July last year, JD.com announced its plan to launch a stablecoin, JD-HKD, in Hong Kong, which is pegged to the Hong Kong dollar at a 1:1 ratio. The stablecoin reserve consists of highly liquid and reliable assets, which will be safely stored in independent accounts of licensed financial institutions, and the integrity of the reserve will be verified through regular disclosure and audit reports. At present, the project has officially entered the Hong Kong Monetary Authoritys stablecoin sandbox pilot.

It is worth mentioning that JD.coms JD Coinlink Technology (Hong Kong) Co., Ltd. (JINGDONG Coinlink) has also reached cooperation with Tianxing Bank, which was jointly established by Xiaomi Group and AMTD Group. As a licensed virtual bank, Tianxing Bank will provide financial compliance support for JD.com to explore cross-border payment solutions based on stablecoins under the stablecoin sandbox framework of the HKMA. The bank is 50.30% controlled by Xiaomi Group and 44.11% by Futu Group.

In order to further advance the stablecoin strategy, in March this year, JD.com also announced the recruitment of stablecoin policy researchers, who are required to have a deep financial background and policy research capabilities, focus on domestic and foreign stablecoin policies and regulations, and maintain communication with regulators.

Regarding the issuance of stablecoins, Dr. Jianguang Shen, Vice President of JD Group, pointed out in a recent speech that stablecoins are decentralized commercial issuances at the company level, and are subject to minor fluctuations due to macroeconomic factors. JD issued stablecoins to further enhance JDs global supply chain and cross-border payment capabilities. Once stablecoins are approved for issuance in Hong Kong, they are expected to be launched in multiple countries and regions, but they still need to follow the regulatory rules of different countries. For example, the EU MiCA requires the establishment of a company and the application for a license locally, while Japan can accept the issuance of Hong Kong coins. JD will actively promote global compliance layout and build a stablecoin infrastructure.

Ant Financial: Technology and scenarios advance together, and RWA layout accelerates

Since 2024, Ant Digits has begun to accelerate its layout in the RWA field. In May, as one of the first participants in the private sector, Ant Digits joined the Hong Kong Monetary Authoritys Ensemble project sandbox to participate in tokenized deposit technology testing, asset tokenization scenario exploration and industry standard formulation, and subsequently recruited RWA architects in Hong Kong. Subsequently, Ant Digits frequently made moves in RWA applications, such as cooperating with Sui to promote RWA tokenization in the ESG (environment, society and governance) field, joining hands with green energy service provider GCL Energy to successfully complete the first domestic RWA case based on photovoltaic physical assets involving RMB 200 million, cooperating with Conflux Tree Graph Chain to jointly participate in Chinas first green energy swap asset RWA project, and providing technical support for the worlds first RWA for swapping physical assets of the Patrol Eagle Group.

While continuing to expand application scenarios, Ant Digits is also deepening the construction of its technical foundation. For example, in October last year, Ant Chain, a subsidiary of Ant Digits, first publicly released its two chains and one bridge platform for RWA business, aiming to help more mainland new energy assets go to Hong Kong RWA and realize technology empowerment of physical assets. In April this year, Ant Digits open-source new generation blockchain virtual machine DTVM integrated the large language model development framework SmartCogent, and is fully compatible with the Ethereum ecosystem, which can eliminate the language barriers of cross-platform development for RWA scenario developers.

Earlier this month, Ant Financial launched Jovay, a Layer 2 blockchain for overseas markets. This is a high-performance trusted blockchain platform built specifically for RWA transactions, supporting 100,000 TPS and 100 millisecond response time. Jovay uses TEE and zk dual proof systems, which can seamlessly connect to Layer 1 blockchains such as Ethereum, helping to transform global new energy assets into tradable digital assets.

Guotai Junan International: Officially Launching 토큰ized Securities Business

On May 11, Guotai Junan International issued a statement saying that according to the Circular on Intermediaries Engaged in Tokenized Securities-Related Activities issued by the Hong Kong Securities and Futures Commission, it submitted relevant business plans for the tokenized securities distribution business and the digital bond issuance business respectively, and both have been confirmed by the regulator to have no further issues.

The agency stated that Guotai Junan International submitted a wealth management-related business plan to the Hong Kong Securities and Futures Commission on January 21, 2025, intending to distribute tokenized securities to customers or provide advice on tokenized securities on the basis of existing securities transactions. The types of tokenized securities covered by the plan include: structured products linked to multiple underlying assets (such as structured notes, over-the-counter derivatives), SFC-approved funds and non-approved funds, and bonds. The Hong Kong Securities and Futures Commission sent a confirmation email on May 7, 2025, and there were no further questions about the plan. At the same time, Guotai Junan International submitted a digital bond issuance business plan to the Hong Kong Securities and Futures Commission on the basis of its original bond issuance business. In the future, it will be able to serve as an overall coordinator, syndicated capital market intermediary or delivery bank in digital bond issuance projects. The Hong Kong Securities and Futures Commission has confirmed on April 2, 2025 that there are no further questions about the plan.

China鈥檚 carbon neutrality: plans to promote green asset tokenization

Earlier this month, China Carbon Neutral, a Hong Kong-listed company, announced that it had signed a strategic partnership framework agreement with Gower Street Holdings Limited (Gower Street Group), and the two parties will carry out equity cooperation, business cooperation and other multi-field collaboration. According to the agreement, China Carbon Neutral will consider strategically investing in CSpro, a security token issuance platform under Gower Street Group, and jointly explore the development of innovative financial instruments in the field of green assets under the rule of law and regulatory framework of Hong Kong, and promote the implementation of green asset tokenization projects including carbon assets.

HashKey Chain: Has reached RWA on-chain cooperation with more than 200 institutions

In March this year, HashKey Chain announced that the tokenized USD money market fund CPIC Estable MMF initiated and managed by China Pacific Insurance Investment Management (Hong Kong) has been successfully deployed to HashKey Chain, and the subscription scale reached US$100 million on the first day of operation. Through the deployment on HashKey Chain, CPIC Estable MMF can provide digital asset allocation tools for institutional investors. In the same month, HashKey Group and Bosera Funds (International) Co., Ltd. announced that the jointly launched Hong Kong dollar and US dollar money market ETF tokenization program has been approved by the Hong Kong Securities and Futures Commission (SFC). This is the worlds first pair of tokenized money market ETFs and one of the important projects for innovative exploration of tokenization of RWA in the Ensemble sandbox project of the Hong Kong Monetary Authority (HKMA).

According to HashKey Eco Labs CEO Kay, as of now, the HashKey Chain team has conducted in-depth docking with more than 200 institutions, involving traditional financial institutions, asset management companies, technology companies and Web3 native projects, and has reached RWA chain cooperation intentions in many fields. They are exploring the tokenization of traditional financial products such as money market funds (MMF), ETFs, bonds, etc., and realizing 7 脳 24 hours global market access, real-time transactions and capital efficiency improvement through blockchain.

As Wall Street accelerates blockchain adoption, how can Hong Kong seize the new RWA high ground?

At present, the main force driving global tokenization innovation still comes from the United States. Represented by traditional Wall Street financial institutions such as BlackRock, Goldman Sachs and JPMorgan Chase, they are accelerating the inflow of traditional funds into the chain through the Bitcoin spot ETF channel and the tokenization of traditional assets.

At the same time, the United States has taken the lead in providing policy support, including the new SEC Chairman Paul Atkins, who made it clear at the latest crypto roundtable that the migration of securities from off-chain systems to on-chain systems is similar to the evolution of audio recordings from vinyl records to cassette tapes to digital software decades ago. This change is expected to completely transform the securities market through new ways of issuance, trading, holding and use. The SEC must keep up with the pace of innovation and assess whether the existing regulatory framework needs to be adjusted to accommodate the development of on-chain securities and other crypto assets. At the same time, regulators should establish a reasonable regulatory framework for the crypto asset market, formulate clear rules to regulate issuance, custody and trading, and continue to crack down on illegal activities.

In contrast, Hong Kong companies are relatively cautious in their development of RWA tokenization. However, as we all know, Hong Kong itself has abundant financial resources. Its financial infrastructure, mature capital market and efficient regulatory system make Hong Kong one of the global financial centers. As an innovative financial tool, once RWA is promoted on a larger scale in Hong Kong, tokenization will show huge growth potential in traditional finance, thereby promoting the further deepening and globalization of Hong Kongs financial market.

Hong Kong institutions are conservative about RWA tokenization, mainly due to the strict compliance requirements. Hong Kongs financial regulatory system focuses on robustness and compliance, ensuring that financial innovation does not compromise market stability and transparency. Therefore, how to achieve innovation under the premise of complying with Hong Kongs legal framework and regulatory policies is an important challenge facing local institutions. And as mentioned at the beginning of the article, some compliance paths have been explored in practice. In addition to compliance, the reason why the industry pays attention to the regulatory attitude is that the policy rumors directly affect the flow of funds. At present, RWA assets are ready to go, and the situation of on-site funds is more concerned by everyone.

However, Hong Kong is actually in a positive attitude towards tokenization policies. For example, the Ensemble project launched by the Hong Kong Monetary Authority (HKMA) aims to explore the feasibility of tokenized assets in actual application scenarios through sandbox testing, which is of great significance for promoting market understanding and application. In addition, Hong Kong is exploring Hong Kong dollar stablecoins and working hard to establish a stablecoin regulatory framework, including the Stablecoin Bill which plans to resume the second reading debate at the Legislative Council meeting on May 21. If the bill is passed, the Monetary Authority will speed up the approval of stablecoin-related licenses to provide the market with a clearer regulatory environment. Not only that, Hong Kong government officials are also optimistic about the prospects of tokenization. For example, the speech of Xu Zhengyu, Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government, further shows that Hong Kong not only hopes to promote the tokenization of assets such as gold, but also is committed to promoting the integration of the real economy through digital finance.

Hong Kong also supports blockchain technology. For example, according to the Wanwudao ThreeDAO official account, Dr. Xiao Feng, founder of Wanxiang Blockchain, once suggested to Vitalik, founder of Ethereum, that the Ethereum Foundation set up an office in Hong Kong. Xiao Feng pointed out that blockchain developers are mainly concentrated in the English and Chinese worlds, and losing the Chinese market means losing important global developer resources. Chinas technical departments, government agencies and developer groups respect Ethereum technology and suggest that the Foundation should not stay away from the Chinese market.

Now, with the participation of many leading companies mentioned above, it may bring confidence to more Hong Kong companies that are on the sidelines, and provide them with reference and motivation.

In general, as more and more institutions around the world accelerate the tokenization of financial assets, the development space of the RWA track is being further opened up, and Hong Kong has also ushered in an important policy opportunity and development window. Therefore, in the face of increasingly clear policy orientations and increasingly mature technical paths, Hong Kong should, on the basis of ensuring financial stability and compliance, moderately release innovative experimental space, promote more traditional institutions from waiting to practice, 가이드 more traditional financial funds to enter the market, and accelerate the localization of the RWA ecosystem and global integration.

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