As the policy boundaries for real-world asset (RWA) tokenization become clearer, regulators, while strengthening risk control, are also reserving room for exploration in compliant overseas issuance. Against this backdrop, Hong Kong, as an international financial center, is increasingly demonstrating its institutional advantages in supporting RWA issuance and circulation under compliant conditions, thanks to its mature regulatory environment. Market focus has shifted from "whether it's possible" to "who can do it compliantly and how."
As RWA transitions from policy pilots to large-scale implementation, the core issue facing asset issuers and professional intermediaries is no longer "whether they possess tokenization capabilities," but rather "how to securely and reproduce issuance and circulation within the existing regulatory framework." HashKey Group ( 3887.HK ), a Hong Kong-listed digital asset financial infrastructure service provider, recently launched its one-stop RWA issuance solution, precisely addressing this core need. Prioritizing compliance, the solution integrates licensed trading, custody, technology, and operational capabilities to construct a complete closed loop covering architecture design, issuance, and subsequent circulation, providing asset owners and intermediaries with a definitive implementation path.
I. The listing entity and its global licensing network form a foundation of trust.
For asset issuers, RWA projects are primarily financial activities, and only secondarily technological applications; the core of finance is trust. When selecting partner institutions, regulatory certainty and compliance capabilities are always the primary considerations.
As a Hong Kong Stock Exchange Main Board listed company, HashKey Group is subject to ongoing supervision in corporate governance, information disclosure, and risk management, demonstrating a high level of transparency and standardized operation. The Group holds Hong Kong Securities and Futures Commission (SFC) Type 1, 4, 7, and 9 licenses, as well as a TCSP license. It has also obtained relevant digital asset or financial service licenses in Singapore, Japan, Bermuda, and Dubai, and is advancing its compliance strategy in the European and Middle Eastern markets.
Among them, HashKey Exchange, a subsidiary of the group, is one of the virtual asset trading platforms approved by the Hong Kong Securities and Futures Commission and is currently a leading listed and licensed virtual asset exchange in Hong Kong in terms of trading volume. This "listed entity + multi-location licenses" structure enables HashKey to design compliant cross-border issuance and trading arrangements for its clients within the existing regulatory framework, avoiding compliance risks caused by regulatory uncertainties.
For intermediaries (such as law firms and accounting firms), partnering with platforms that have a complete regulatory background not only helps reduce compliance uncertainty, but also helps improve the certainty and feasibility of the overall project progress.
II. A Complete Closed Loop from Structural Design to Circulation and Transaction
The core challenge currently facing the RWA project is not a single technical capability, but how to deeply integrate legal structure, regulatory requirements and on-chain technology.
HashKey's one-stop solution streamlines the entire path of RWA from issuance to market circulation by focusing on five key aspects: "compliance architecture design, on-chain deployment, issuance arrangements, transaction circulation, and information disclosure."
In terms of compliance architecture design, the plan strictly follows the regulatory logic of the Hong Kong Securities and Futures Commission, implements the principle of "same business, same risk, same rules", and ensures that the legal relationship of the underlying assets is clear, the investor suitability arrangement is sound, and the risk disclosure is sufficient.
On the technical level, the group relies on the Crypto-as-a-Service system and the token management platform Nexatoken to support compliant token standards, including ERC-3643, and can be compatible with various deployment environments, such as different public chains and consortium chains, according to project needs. Through technology, it achieves asset ownership confirmation, transfer restrictions, whitelist management, and information disclosure constraints, ensuring that on-chain transactions are consistent with off-chain legal structures.
In the issuance and circulation stages, HashKey provides services such as due diligence, structuring, distribution, and token custody, and offers primary market subscription and redemption channels through licensed trading platforms. Subject to regulatory approval, it can support secondary trading via order book (CLOB) or over-the-counter (OTC) methods, and is equipped with a delivery versus payment (DVP) clearing mechanism to improve fund security and liquidity efficiency.
This end-to-end, integrated capability means that asset issuers and intermediaries do not need to separately connect with technology providers, legal advisors, and trading platforms, but can collaborate efficiently under a unified compliance framework, significantly reducing communication costs and implementation complexity.
III. The "Replicable Genes" Accumulated from Benchmark Projects
When choosing an RWA service provider, whether they have real project experience is a key criterion for judging their capabilities.
HashKey Group has launched several benchmark RWA projects, including the world's first tokenized money market fund ETF in partnership with Bosera Funds, the tokenized security GF Token issued in partnership with GF Securities, and the tokenized note STBL launched in partnership with Cinda International Asset Management, covering areas such as funds, bonds, and supply chain finance. Through these projects, the Group has accumulated practical experience in asset on-chain structure design, investor management, cross-border funding arrangements, and continuous information disclosure, and possesses the capability for large-scale replication.
Currently, HashKey has also proactively engaged with multiple regulatory bodies. While strictly adhering to mainland China's statutory filing requirements, it utilizes a Hong Kong-licensed structure to undertake cross-border issuances. This "trial and error" approach significantly reduces the trial-and-error costs for subsequent asset providers and intermediaries.
IV. The dual support of Hong Kong's hub system and capital
RWA's core value lies in linking high-quality real assets with global capital markets. Hong Kong has mature experience in cross-border financial structure design, and its virtual asset regulatory framework is integrated with the traditional securities regulatory system, providing a high degree of legal certainty.
Meanwhile, Hong Kong's pool of resources from family offices, sovereign wealth funds, and diversified institutional investors provides the means to attract global capital to underlying assets that were previously relatively illiquid. A well-established system of professional services, including legal, auditing, trust, and custody services, also provides institutional safeguards for key issues such as bankruptcy remoteness, asset ownership verification, and risk control.
HashKey's one-stop solution is built on this institutional foundation, helping assets achieve compliant "going global" by combining licensed operation with technological capabilities.
V. Choosing HashKey Anchor Determinism
At this crucial stage of RWA's institutionalization and scaling, the market is no longer scrutinizing conceptual gimmicks and innovations, but rather focusing on more practical questions: Who possesses the depth of compliance that transcends economic cycles? Who has proven closed-loop logic? Who has sufficient practical experience to support large-scale expansion?
Based on the governance transparency of its listed entity, the compliance depth formed by its licenses in multiple locations around the world, and its practical application in various asset classes such as funds and bonds, HashKey Group is opening a clear, executable, and replicable door to digital finance for high-quality global assets.
In this field, choosing a platform with a solid institutional foundation and practical experience is not only a business choice, but also a long-term anchor for future trends.
