As the Web3 wave sweeps across Asia again, RWA (Real World Assets on-chain) has become one of the most frequently mentioned keywords at the Hong Kong Web3 Carnival. Whether it is the organizers, project parties, capital parties, or even the regulatory authorities, they have all turned their attention to this track.
But the question is—
Is it really possible for Hong Kong to become the 'capital of RWA'?
What will it rely on?
Today we will break down the underlying logic of this 'RWA financial experiment' from three core perspectives: policy, capital, and ecological projects.
🏛️ One, policy: The biggest 'stabilizer' for Web3.
✅ 1. The Hong Kong government has a clear stance.
Since 2022, the Hong Kong SAR government has clearly proposed to build a 'Web3 international hub' and has published multiple documents supporting asset tokenization, digital Hong Kong dollars, and compliant virtual asset trading.
(2023 Fiscal Budget Proposal): Proposes 'supporting RWA, steadily advancing financial innovation and regulatory balance'.
The Hong Kong Monetary Authority has launched a 'green bond tokenization' program, which has already issued on-chain bonds.
The SFC (Securities and Futures Commission) clearly states that RWA products can be explored for pilot projects within a compliant framework.
📌 In simple terms, Hong Kong is currently one of the most friendly jurisdictions in the world for RWA support. It is not just a slogan; it is solid policy implementation.
💰 Two, capital: 'Smart money' in Asia has quietly entered the market.
The RWA track cannot be realized solely through technology; the key is whether capital can enter and whether it is willing to do so.
In Hong Kong, there are three key forces driving RWA capital inflow:
✅ 1. Traditional financial institutions want to 'take the plunge'.
Banks such as East Asia Bank, Bank of China Hong Kong, HSBC, and Fidelity International have all set up dedicated Web3 departments or established RWA experimental projects, hoping to participate in RWA bond issuance and digital asset management.
✅ 2. The Web3 fund is actively investing.
Investment institutions such as HashKey Capital, SNZ, and Foresight have established operations in Hong Kong and participated in early rounds of projects like Ondo, Backed, and Matrixdock.
✅ 3. Local family offices in Hong Kong value 'on-chain asset allocation'.
More and more high-net-worth users wish to participate in on-chain asset investments while pursuing compliance and transparency. RWA just meets their threefold demand for low volatility, real returns, and secure regulation.
🧩 Three, ecological projects: from 0 to 1, taking shape.
Whether a Web3 hub can develop the RWA track depends on the actual number and types of participants.
Currently, the Hong Kong RWA ecosystem mainly revolves around three types of projects:
🔸 1. Infrastructure: On-chain bonds, clearing, custody.
Matrixdock (state-owned background) has launched an on-chain national bond project STBT.
HashKey Custody provides RWA asset custody services.
Project e-HKD is piloting the on-chain interaction and clearing of Hong Kong dollars and asset tokens.
🔸 2. Application layer projects: RWA product design and trading platform.
XBE: Supports trading of gold and ETF tokenization products.
ONDO (partner landing in Hong Kong): On-chain national bond products have been connected by multiple Asian platforms.
🔸 3. Support from policies and industrial funds.
The Hong Kong Innovation and Technology Bureau has established a Web3 fund, with some project directions pointing towards asset digitization.
The Hong Kong Web3 Association is also promoting an RWA innovation sandbox.
✅ Conclusion: Hong Kong is not just 'making noise'; it is genuinely taking action.
📌 Policy Support ✅
📌 Capital Inflow ✅
📌 Project Implementation ✅
📌 Clear Compliance Path ✅
All of this means: Hong Kong is not only a pioneer in Web3 compliance but is also becoming an important hub for RWA projects heading towards Asia and the global stage.
If you are:
Investors ✅ can focus on RWA projects landing in Hong Kong, such as Matrixdock and ONDO.
Entrepreneurs ✅ Hong Kong provides policy and regulatory support, making it the 'best testing ground' for RWA implementation.
Content creators ✅ The dual focus of RWA + Hong Kong will be a highly communicative topic in the next two years.
📣 Next issue preview:
(Case breakdown: How does Ondo bring U.S. treasury bonds on-chain?)
We will take the leading on-chain national bond platform [Ondo Finance] as an example to comprehensively analyze RWA asset design, yield models, and how users can participate.
📬 Leave a message with the keyword 'Hong Kong RWA', and I will send you a PDF chart of the [Hong Kong RWA Project Roadmap].
📌 Click [Read Later] to let more people see the rise of this financial infrastructure!
