"Policy Declaration 2.0": Hong Kong Leads the Global Financial Innovation Experiment for the Integration of Digital Assets and the Real Economy - Summary of the Space Event

The Space event co-hosted by Web3Labs, Techub News, and MetaEra, themed "Integration of Digital Assets and the Real Economy: Hong Kong's Financial Innovation Testing Ground," gathered Hash Global founder KK, HashKey Eco Labs CEO Kay, Uweb President Yu Jianing, and Wang Lei, a partner at Shanghai Mankun Law Firm, to engage in in-depth discussions around the "Hong Kong Digital Asset Development Policy Declaration 2.0" (hereinafter referred to as the "Policy Declaration 2.0"). The event was hosted by Chinese Web3 host Qie Ge and focused on the LEAP strategic framework (Legal Regulation Optimization, Tokenization Product Expansion, Application Scenario Advancement, Talent Ecosystem Construction), analyzing how Hong Kong aims to become a global digital asset innovation center through open regulation, asset tokenization, and cross-border collaboration. The following distills the essence of the guests' viewpoints through five core topics, showcasing Hong Kong's pioneering practices in the field of digital finance.

LEAP Framework: The Cornerstone of Hong Kong's Digital Asset Strategy

Uweb Principal Yu Jianing: The four pillars of LEAP complement each other, and regulatory optimization lays the foundation for compliance.

Uweb President Yu Jianing believes that the legal regulation optimization of the LEAP framework, the expansion of tokenized products, the promotion of application scenarios, and the construction of a talent ecosystem are interrelated and difficult to choose one over the others. Regulatory optimization is the cornerstone of compliant development, attracting financial institutions to upgrade their licenses and absorb funds; tokenization expansion (such as government bonds) provides sources of assets; application scenarios (such as stablecoins and RWA) build circulation models; the talent ecosystem addresses the shortage of Web3 talent through Uweb courses and the Hong Kong Registered Digital Analyst certification. Changing the name from "virtual assets" to "digital assets" clarifies the source and aligns with global trends, echoing China's digital finance strategy. Hong Kong needs to avoid asset "circulation without substance" and aims for integration with the real economy, creating a sustainable innovation model. The exploration of tokenization of government bonds has shown initial results, but innovative models are needed to break through.

HashKey Eco Labs CEO Kay: Tokenization product expansion drives ecological implementation

HashKey Eco Labs CEO Kay emphasized that the tokenization of products expansion (E) is the most direct driving force for Hong Kong's strategy. RWA "everything can be tokenized," compliant financial products (such as money market funds and bonds) are first launched on the Hong Kong Stock Exchange due to their mature structure, while financial equivalents like gold and crude oil are suitable for early practice due to large market sizes, and non-standard assets (such as ESG and collectibles) are slower to land. The innovation of on-chain financial tools (such as DeFi trading, lending, and Staking) enhances asset liquidity and yield, and needs to be promoted under a compliant framework. The "Policy Declaration 2.0" provides opportunities for practitioners to explore, and Hong Kong can drive the landing of the Web3 ecosystem and assist in building a global digital asset center through the expansion of asset categories and innovation in on-chain tools.

Wang Lei, partner at Shanghai Mankun Law Firm: Modular regulation balances innovation and security

Wang Lei, a partner at Shanghai Mankun Law Firm, pointed out that Hong Kong is promoting innovation through a "steady progress" approach, using regulatory sandboxes and pilot programs, while improving the licensing mechanism for stablecoins and trading custodians. Technical compliance (such as stablecoin audits and liquidity management) should avoid restricting technical diversity. The EU's MiCA classification regulatory experience (high thresholds for electronic money-type stablecoins and heavy information disclosure for utility tokens) provides a reference for Hong Kong, allowing for differentiated standards based on asset types, encouraging RWA trading innovation, and preventing fraud risks. This modular regulation supports the LEAP framework, enhancing Hong Kong's global competitiveness in the digital asset market and ensuring a balance between innovation and security.

Regulatory Flexibility: Balancing New Developer Systems and Innovation Risks

Wang Lei, partner at Shanghai Mankun Law Firm: Prudent regulation aids technological diversity. Wang Lei stated that Hong Kong is adopting a "steady progress" approach through regulatory sandboxes, stablecoin regulation, and trading custody licensing mechanisms to balance innovation and safety. Technical compliance challenges (such as stablecoin auditing and liquidity management) need to avoid restricting the diversity of technological paths and ensure innovative vitality. The EU MiCA's classified regulation serves as a reference, requiring high thresholds of prudent regulation for electronic money-type stablecoins and focusing on information disclosure for utility tokens. Hong Kong can draw on this model to formulate differentiated standards, support RWA trading innovation, prevent fraud risks, and ensure systemic stability. The flexible mechanism of "Policy Declaration 2.0" aids the development of Hong Kong's digital asset market and consolidates its position as a global innovation center.

RWA scaling: Bonds and stocks lead, policies enhance liquidity

Hash Global founder KK: Standardized financial products break through first, liquidity is key

KK, the founder of Hash Global, believes that the enthusiasm for the RWA tokenization market is "overheated" and will remain in the POC stage in the short term (this year and next). Stablecoins, currency funds, and bond funds are most likely to scale first due to their mature structure and strong liquidity, while the tokenization process for precious metals and renewable energy is slower. Policies need to enhance liquidity through transparent ETF rules and secondary market support to attract traditional institutional funds. The recent market recovery (such as Huaxing Capital restarting Web3 investments and Guotai Junan promoting) indicates that regulatory easing is stimulating institutional interest. Liquidity is a core demand of Web3, and infrastructure needs to be improved to solve on-chain settlement interoperability, gradually advancing compliance to ensure scalable implementation.

Uweb President Yu Jianing: The tokenization potential of bonds and stocks is enormous, driven by policy integration.

Uweb President Yu Jianing predicts that by 2030, the stablecoin market may reach $3.7 trillion, with RWA tokenization filling the gap in the Web3 market scale. Government bonds and corporate bonds will lead the way in scaling due to their large volume and high liquidity demand, while stock tokenization (such as the U.S. stock iStock model) reduces barriers through on-chain trading, attracting attention. Policies need to enhance liquidity through DeFi integration, transparent ETF rules, and secondary market support to attract institutional funds, promoting "token securitization" and "security tokenization." Stablecoins combine wealth management and payment functions, similar to the "Yu'ebao" model, requiring compliance framework support to ensure RWA tokenization serves the real economy.

Traditional institutional transformation: cooperation is better than self-built, policies lower the threshold.

HashKey Eco Labs CEO Kay: Collaborative symbiosis, cooperation model accelerates transformation.

Kay, CEO of HashKey Eco Labs, pointed out that large institutions can build their own consortium chains or public chain bridging platforms, but small and medium-sized institutions are more suitable to cooperate with Web3 companies, combining traditional financial assets, regulatory experience, and blockchain technology expertise. The "Policy Declaration 2.0" reduces the threshold through ETF rules and on-chain asset custody, and HashKey has assisted several institutions in upgrading license No. 149 to expand on-chain business. Web3 innovation is still in a blue ocean, and the cooperation model achieves complementary advantages, with traditional institutions providing mature product design and Web3 companies contributing technological innovation. Hong Kong's compliance framework provides a starting point for transformation, exploring synergies that can be scaled to global capital markets.

Wang Lei, partner at Shanghai Mankun Law Firm: Cooperation to achieve low-cost and efficient implementation.

Wang Lei, a partner at Shanghai Mankun Law Firm, suggests that traditional institutions collaborate with Web3 native enterprises to leverage the advantages of financial product design and on-chain technology to efficiently promote RWA tokenization at low costs. The law firm often recommends clients to enterprises deeply engaged in Web3, ensuring that projects are implemented within the compliance framework of the "Policy Declaration 2.0". The collaboration model combines the regulatory experience and client base of traditional institutions with the technical expertise of Web3 companies, lowering the technical and compliance thresholds, promoting the integration of digital assets and traditional finance, and helping Hong Kong build a global innovation center.

Policy Leverage: Cross-Border Regulatory Cooperation to Build a Global Hub

Hash Global Founder KK: Open Policies Are Better Than Conservative MiCA

KK, the founder of Hash Global, opposes the conservative regulations inspired by the EU's MiCA, believing that the "Policy Declaration 2.0" puts Hong Kong ahead globally. He argues that policy levers should remain open to attract traditional institutions. Cross-border regulatory cooperation is more crucial than the unification of technical standards, and it should promote the liquidity of stablecoins and RWA through market mechanisms. Hong Kong should lead in stablecoin legislation ahead of the US and the EU, formulating open and bold policies to enhance global competitiveness and solidify its position as an innovation center for digital assets.

HashKey Eco Labs CEO Kay: Hong Kong builds a regulatory mutual recognition super node

HashKey Eco Labs CEO Kay advocates that cross-border regulatory collaboration is a core leverage point. Hong Kong should leverage its geographical advantages to lead the regulatory mutual recognition system, reducing compliance costs for global asset flows. Hong Kong is at the forefront of stablecoin policies and the Policy Declaration 2.0 globally and can connect different markets through regulatory exemptions and collaboration, promoting the internationalization of RWA and stablecoins. As a "super node", Hong Kong transcends the single framework of MiCA, enhancing global discourse power and innovation leadership.

Wang Lei, partner at Shanghai Mankun Law Firm: A globally compatible regulatory framework promotes development.

Wang Lei, a partner at Shanghai Mankun Law Firm, emphasized that Hong Kong needs to build a clear and predictable regulatory framework that is compatible with the global market. The MiCA "single compliance, multi-location recognition" mechanism can be referenced to reduce cross-border institutional costs through regulatory mutual recognition, supporting the global deployment of RWA and stablecoins. Policies need to be formulated with practical measures to ensure that Hong Kong's rules align with international standards, enhance global competitiveness, and contribute to the construction of a digital asset innovation center.

Uweb President Yu Jianing: Belt and Road Digital Financial Hub

Uweb President Yu Jianing advocates that cross-border regulatory cooperation is key, and Hong Kong should establish a "Belt and Road" stablecoin payment alliance to expand markets in Southeast Asia, the Middle East, and other regions, striving to capture a significant share of the $3.7 trillion stablecoin market. The "Policy Declaration 2.0" aims to increase the market from $800 billion to $3.5 trillion, with Hong Kong potentially contributing 1/3 of the wealth increment. Policies need to accelerate tokenization and security tokenization, and through mutual recognition of regulations, connect traditional finance with Web3, allowing Hong Kong to become a global digital financial hub.

Conclusion

This Space event showcased Hong Kong's ambition to promote the integration of digital assets with the real economy under the leadership of the "Policy Declaration 2.0" through the LEAP framework. Guests unanimously agreed that regulatory optimization, RWA tokenization, and cross-border collaboration are the core driving forces. Hong Kong needs to accelerate the integration of traditional finance with Web3 through open policies, regulatory recognition, and market-oriented mechanisms, consolidating its position as a global innovation center for digital assets and setting a benchmark for financial innovation.

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