Text | RWA Knowledge Circle
Editor|RWA Knowledge Circle
1. Three years of transformation: opportunities and solutions under the new policy of Hong Kong RWA
When the Hong Kong Digital Asset Development Policy Declaration 2.0 was unveiled, the market focused on two core questions: What kind of companies can cross the threshold of stablecoin issuance? How can those who cannot meet the standards seize the initiative with the help of external forces?
Three years later, the "Manifesto 2.0" released by Hong Kong marks the entry of digital asset development into the deep water zone. Compared with the 2022 "Manifesto 1.0" which focuses on the basic compliance framework, the new policy directly targets three key areas: asset liquidity, product diversification, and market efficiency. In this round of upgrades, the tokenization of real assets (RWA) has moved from the conceptual blueprint to the implementation stage, and stablecoins, as the "value bridge" connecting various types of RWA, have become core issues that companies must solve, including the issuance threshold and participation path.
2. RWA: From Edge Experiment to Market Engine
Manifesto 2.0 puts the tokenization of real assets (RWA) in the spotlight, clearly showing Hong Kong’s key transformation from “sandbox experiment” to “large-scale application”:
Breakthrough expansion of asset territory: The policy clearly establishes a regular issuance mechanism for tokenized government bonds, and incorporates real economy assets such as precious metals, non-ferrous metals, and renewable energy into the tokenization landscape, completely surpassing the early exploration of a single asset type;
Revolutionary evolution of liquidity mechanism: Opening up RWA to secondary market circulation through licensed trading platforms breaks the closed model of traditional fund underwriting and injects 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 companies eager to try, to truly participate in this change and achieve capital efficiency improvement, they must first cross a key threshold: how to build a compliance system that complies with supporting regulations such as the Declaration 2.0 and the Stablecoin Regulations? This involves complex organizational restructuring, solid blockchain technology support, and strict KYC/AML risk control capabilities.
III. Practical Path to Compliance Challenges: Looking at Enterprise Layout from Sandbox Testing Cases
In the practice of dealing with high compliance thresholds, large enterprises have explored reusable path models. Taking JD.com, one of the first companies to enter the Hong Kong Monetary Authority's stablecoin sandbox test, as an example, it demonstrated a feasible path to deal with high compliance thresholds through forward-looking layout: in 2018, it established an independent entity "JD Coin Chain Technology" in Hong Kong, built an independent director structure and asset isolation mechanism in line with the Stablecoin Ordinance, and relied on a global business network to meet the high standards of technology support and KYC/AML risk control. The core value of such cases lies in verifying the key capability model required by enterprises under the new policy - independent compliance entities, strong risk control systems and sufficient resource investment.
However, for small and medium-sized enterprises with limited resources, building a compliance system of the same scale is like "building a bridge in the deep sea", which is costly and time-consuming. This is the value of the RWA accelerator - it provides a "shortcut" for enterprises (especially small and medium-sized enterprises) by pre-setting the legal framework, exchange docking resources and compliance technology modules, which can significantly reduce the cost of trial and error and shorten the cycle of entering the market.
4. Stablecoin: A "digital pass" with a high threshold
The "Manifesto 2.0" positions stablecoins as "digital currencies" with strict requirements - 100% fiat currency reserves, anchoring of high-quality liquid assets, and triple compliance barriers (asset liquidity/territorial compliance/system stability) - making it the core hub connecting RWAs, but also building a high wall that is difficult for small and medium-sized enterprises to overcome:
Triple Compliance Chasm
1. Asset liquidity: The reserves must be highly liquid assets such as Hong Kong dollars/government bonds, and a segregated custody account must be set up;
2. Territorial compliance: mandatory Hong Kong registered entities + localized audits + cross-border regulatory coordination;
3. System stability: Both anti-attack technology and real-time redemption mechanism must be met.
Faced with such a complex compliance system, large technology groups can still make gradual breakthroughs by relying on their accumulated resources (such as JD.com relying on its cross-border clearing and settlement capabilities to complete its layout), but if small and medium-sized enterprises want to build the same system themselves, it is tantamount to asking start-ups to build their own global clearing network.
At this point, the value of the RWA accelerator becomes apparent - by pre-setting legal frameworks and compliance technology modules (such as standardized custody interfaces), the issuance compliance cycle can be shortened from 18 months to 6 months.
5. LEAP Framework: Strategic Opportunities for Ecosystem Co-Builders
The "LEAP" program (Legal Optimization-Product Expansion-Application Promotion-Partner Collaboration) launched by the "Manifesto 2.0" is upgrading Hong Kong from a regulatory test field to an institutional open hub. In this ecological blueprint, the RWA accelerator plays a key catalytic role:
Connecting SMEs to the liquidity pool of licensed exchanges
Providing blockchain on-chain solutions for traditional asset parties
Build a compliant entry and exit channel for cross-border capital
When Hong Kong writes "precious metal tokenization" into policy texts and when the RWA accelerator opens up the secondary market for assets such as solar panels, a trillion-level digital asset ecosystem is taking shape - and has your company occupied a key position in the value chain?
The ultimate revelation of Manifesto 2.0 is that Hong Kong does not want bystanders on the track, but only ecosystem co-builders. The RWA accelerator is the strategic hub connecting real assets with the digital future, and the only shortcut for small and medium-sized enterprises to seize the commanding heights of new finance.
