Hong Kong lays out the core track of Web3 and opens up a new path for cross-border financing of physical assets

As a globally renowned international financial center, Hong Kong has taken the lead in making RWA a strategic priority for the development of the Web3 industry, thanks to its unique location advantages and clear and comprehensive regulatory framework. Through policy guidance, benchmark project implementation, and compliance system innovation, it has gradually built a RWA industry ecosystem that combines security and innovation. This not only effectively promotes the high-quality development of the local digital finance industry, but also successfully opens up a new cross-border financing channel for mainland physical assets to enter the global capital market.

The core value of RWA tokenization lies in the use of blockchain technology to digitize, confirm, split, and put on chain various traditional physical assets such as infrastructure, new energy, and bonds, transforming them into digital vouchers that can be freely traded and efficiently circulated on the chain. This not only effectively solves the industry pain points of high investment barriers, slow circulation efficiency, and difficult cross-border financing for traditional physical assets, but also relies on the transparency and traceability characteristics of blockchain technology to further enhance the compliance and supervision level of asset circulation. Hong Kong accurately grasps the explosive growth trend of the global RWA market, using it as a key lever to consolidate its position as an international financial center, layout green finance and digital economy, and continue to make efforts to promote the landing of industries.

Under clear policy empowerment and guidance, the implementation of RWA projects in Hong Kong has achieved significant results, forming a diversified project layout matrix. As of now, RWA projects in key areas such as photovoltaics, infrastructure, and green bonds have been successfully implemented in Hong Kong, with a cumulative scale of over HKD 500 million, widely covering core physical industries such as green energy and infrastructure construction. Among them, the tokenization project of GCL Energy Technology's photovoltaic power station revenue rights has achieved particularly outstanding results, while the tokenization of green bonds has effectively reduced the comprehensive cost of bond issuance and trading, attracting more capital to invest in green and low-carbon industries. The landing of these benchmark projects has laid a solid foundation for the standardized and standardized development of Hong Kong's RWA industry.

Of particular note is that Hong Kong has successfully cracked the core pain points in RWA cross-border financing by establishing a compliant stablecoin settlement system. The "Regulations on Stablecoins Issuers" will officially come into effect in 2025, providing a clear legal basis for the issuance and circulation of compliant stablecoins. In March 2026, Hong Kong will issue the first batch of compliant stablecoin licenses, and only allow stablecoins pegged to legal currencies such as Hong Kong dollars and offshore Chinese yuan to circulate, providing legal and low volatility underlying support for RWA trading settlement. With the support of this comprehensive settlement system, Hong Kong has successfully formed a complete closed loop of "domestic entity asset certification on the blockchain → China Securities Regulatory Commission filing → Hong Kong licensed platform issuing RWA tokens → compliant stablecoin settlement", allowing mainland entity assets to easily connect with global institutional funds in Hong Kong through RWA tokenization, significantly reducing cross-border financing costs and improving financing efficiency, becoming the core bridge connecting China and the world's RWA markets.