Text|RWA Knowledge Circle
Editing|RWA Knowledge Circle
One, Three-Year Transformation: Opportunities and Breakthrough Paths under Hong Kong's New RWA Policy
When (Hong Kong Digital Asset Development Policy Declaration 2.0) unveils, the market focuses on two core propositions: what kind of enterprises can cross the stablecoin issuance threshold? How can those who do not meet the standards leverage external forces to seize opportunities?
Three years later, the release of (Declaration 2.0) by Hong Kong marks the entry of digital asset development into deep waters. Compared to the 2022 (Declaration 1.0) focusing on basic compliance frameworks, the new policy directly addresses three key areas: asset liquidity, product diversification, and market efficiency. In this upgrade, real asset tokenization (RWA) moves from conceptual blueprint to implementation phase, while stablecoins, as the 'value bridge' connecting various RWAs, become the core issues enterprises must solve regarding issuance thresholds and participation pathways.
Two, RWA: From Marginal Experiment to Market Engine
(Declaration 2.0) brings the tokenization of real assets (RWA) into the spotlight, clearly showcasing Hong Kong's key transformation from 'sandbox experimentation' to 'scaled application':
Breakthrough Expansion of Asset Territory: The policy clearly establishes a normalized issuance mechanism for tokenized government bonds and includes physical economy assets like precious metals, non-ferrous metals, and renewable energy into the tokenized landscape, completely surpassing the early exploration of a single asset type.
Revolutionary Evolution of Liquidity Mechanism: Opening RWA for secondary market circulation through licensed trading platforms breaks the closed model of traditional fund underwriting, injecting market vitality into digital assets.
This not only represents a quantitative change in asset types but also a qualitative change in the value exchange mechanism. However, for most eager enterprises, to truly participate in this transformation and achieve capital efficiency improvement, they must first overcome a key threshold: how to build a compliance system that meets supporting regulations such as (Declaration 2.0) and (Stablecoin Regulations)? This involves complex organizational restructuring, solid blockchain technology support, and stringent KYC/AML risk control capabilities.
Three, Practical Pathways for Compliance Challenges: Insights from Sandbox Testing Cases on Enterprise Layout
In the practice of addressing high compliance thresholds, large enterprises have explored reusable path models. Taking JD.com, which was among the first to enter the Hong Kong Monetary Authority's stablecoin sandbox test, as an example, it demonstrated a feasible pathway to meet high compliance thresholds through proactive layout: establishing an independent entity 'JD Coin Chain Technology' in Hong Kong in 2018, building an independent board structure and asset isolation mechanism that complies with (Stablecoin Regulations), and relying on a global business network to meet high standards for technology support and KYC/AML risk control. The core value of such cases lies in validating the key capability model required by enterprises under the new policy—independent compliant entities, robust risk control systems, and sufficient resource investment.
However, for resource-constrained small and medium-sized enterprises, building an equivalent compliance system is like 'building a bridge in the deep sea,' with high costs and long cycles. This is precisely where the value of the RWA accelerator lies—it provides enterprises (especially small and medium-sized enterprises) with a 'shortcut' through pre-set legal frameworks, exchange docking resources, and compliance technology modules, significantly reducing trial and error costs and shortening market entry time. Four, Stablecoins: High-Threshhold 'Digital Passports' (Declaration 2.0) positions stablecoins as the stringent requirements for 'digital currency'—100% fiat currency reserves, premium liquid asset anchoring, and a triple compliance barrier (asset liquidity/local compliance/system stability)—making it the core hub connecting RWAs, but also erecting a high wall that small and medium-sized enterprises find difficult to overcome: Triple Compliance Barrier.
1. Asset Liquidity: Reserves must consist of high-liquid assets such as Hong Kong dollars/government bonds, and a dedicated isolated custody account must be established;
2. Local Compliance: Mandatory registration of Hong Kong entities + localized audits + cross-border regulatory coordination;
3. System Stability: Must simultaneously meet anti-attack technologies and real-time redemption mechanisms.
Faced with such a complex compliance system, large technology groups can gradually break through with resource accumulation (for example, JD.com leveraging cross-border settlement capabilities to complete layouts), while small and medium-sized enterprises wishing to build equivalent systems face a challenge akin to requesting startups to build a global settlement network.
At this time, the value of the RWA accelerator becomes prominent—by pre-setting legal frameworks and compliance technology modules (such as standardized custody interfaces), it compresses the issuance compliance cycle from 18 months to 6 months.
Five, LEAP Framework: Strategic Opportunities for Ecological Co-Building
(Declaration 2.0) launched the 'LEAP' plan (Legal Optimization - Product Expansion - Application Promotion - Partner Collaboration), upgrading Hong Kong from a regulatory sandbox to an institutional open hub. In this ecological blueprint, the RWA accelerator plays a key catalytic role:
Connecting licensed trading platforms' liquidity pools for small and medium-sized enterprises
Providing blockchain on-chain solutions for traditional asset providers
Building compliant entry and exit channels for cross-border capital
When Hong Kong incorporates 'tokenization of precious metals' into its policy text, and when the RWA accelerator opens up the secondary market for assets like solar panels, a trillion-level digital asset ecosystem is taking shape—has your enterprise occupied a pivotal position in the value chain?
The ultimate revelation of (Declaration 2.0) is that Hong Kong should not be a bystander but an ecological co-builder. The RWA accelerator is the strategic hub connecting real assets with a digital future and the only shortcut for small and medium-sized enterprises to seize the new financial high ground.
