8月20日，香港主板上市公司大洋集团（HK1991）在港成功举办"Web 4.0战略发布会暨RWA生态启动仪 式"，正式对外发布Web 4.0转型蓝图，并启动RWA生态建设。 大洋集团董事会主席施琦表示，Web 4.0不仅是技术的演进，更是生态的重构。大洋集团将以AI数字人 为引擎，以RWA为价值通道，以全球流量为纽带，构建智能、自主、可持续的数字经济新范式。 转自：经济参考网 RWA通过区块链等技术将不动产、供应链资产、基础设施收益权等传统资产映射为链上数字资产，有 效破解了实体经济中资产流动性不足、融资门槛高、资金供需匹配难等痛点。 总的来看，RWA契合"发展数字经济"的战略方向。通过将实体资产转化为可分割、可交易的数字凭 证，不仅提升了要素配置效率，更形成了穿透式监管的技术基础，助力构建"安全、规范、透明、开 放、有活力、有韧性"的资本市场，与"健全资本市场功能"的深化改革目标同频共振。 大洋集团于1991年成立，2007年在港交所上市，是兼具三十年产业积淀与前瞻数字视野的多元化企业。 随着全球数字化转型浪潮的深化，大洋集团敏锐洞察数字经济时代的战略机遇，果断启动向Web4.0 领 域的全方位战略转型， ...

Group 1 - The Hong Kong Stablecoin Regulation officially comes into effect on August 1, 2025, marking the establishment of a regulatory framework centered on a licensing system for fiat-backed stablecoins [1] - The interest in stablecoins and Real World Assets (RWA) has surged in the Chinese-speaking world, with industry leaders discussing the implications of this trend [2][3] - The Hong Kong Monetary Authority (HKMA) is expected to be cautious in issuing licenses for stablecoins, emphasizing strict regulatory measures, particularly concerning anti-money laundering [3][6][7] Group 2 - The regulatory approach in Hong Kong contrasts with mainland China's perspective, which often views stablecoins through the lens of currency competition and the dominance of the US dollar [5][6] - The HKMA's primary concern is the potential for stablecoin issuance to create loopholes in anti-money laundering efforts, given that stablecoins operate outside traditional banking systems [6][7] - The perception of a disconnect between the public's enthusiasm for stablecoins and the regulatory body's cautious stance highlights the complexities of the market [9][10] Group 3 - The discussion around stablecoins is evolving, with a recognition that they serve as a stable pricing mechanism for volatile crypto assets rather than merely a payment method [52][53] - The emergence of stablecoins is seen as a response to the volatility of cryptocurrencies, providing a means to price and trade these assets more effectively [52][53] - The potential for Hong Kong to become a global center for digital finance is linked to its unique position within the Chinese market and its common law system, which allows for more flexible regulatory approaches [59][61] Group 4 - The conversation around RWA indicates a future acceptance of asset tokenization in mainland China, as it aligns with supporting the real economy [20][18] - The process of asset tokenization is viewed as complex, requiring a structured approach to ensure that real-world assets are accurately represented on the blockchain [29][32] - The development of decentralized physical infrastructure networks (DePIN) is suggested as a potential solution for the challenges faced in RWA tokenization [26] Group 5 - The financial market infrastructure is undergoing transformation due to blockchain technology, which enables peer-to-peer transactions without the need for intermediaries [42][43] - The efficiency and cost-effectiveness of blockchain-based systems are expected to lead to a gradual replacement of traditional financial systems [43][44] - The understanding of stablecoins and RWAs should extend beyond their surface functions to encompass the underlying technological and infrastructural innovations they represent [49][50]

Core Insights - The article discusses the emergence of Real World Assets (RWA) through blockchain technology, transforming traditional financial and physical assets into digital tokens, with a projected market size of $16 trillion by 2030 [1][12] - RWA is seen as a new era for asset allocation, providing liquidity to previously illiquid assets and lowering investment barriers for investors [1][5] Definition and Mechanism - RWA refers to the tokenization of real-world assets such as real estate and receivables using blockchain technology, enabling trading, fragmentation, and circulation of these assets [3][4] - The concept allows traditionally illiquid assets to be purchased in small amounts and traded quickly, similar to cryptocurrencies [4] Market Dynamics - The global RWA market is on the verge of significant growth, with a total RWA asset value of $25.5 billion expected by mid-2025, excluding stablecoins [7][6] - The current market is dominated by private credit (58.5%), U.S. Treasury bonds (29.6%), and commodities (6.4%), with BlackRock's BUIDL being the largest single RWA project valued at over $2.8 billion [9] Historical Development - The evolution of RWA can be categorized into four phases: 1. Concept Exploration (2016-2018): Initial ideas and experiments in asset tokenization [17][18] 2. Infrastructure Development (2019-2021): Platforms began offering RWA token issuance and compliance services [20][21] 3. Financial Institutions' Entry (2022-2023): Major banks started pilot projects for tokenizing bonds and private equity [23][24] 4. Application Expansion (2024-present): RWA is moving beyond financial assets into real estate, energy, and other sectors [27][29] Emerging Trends - New sectors such as AI computing power, carbon assets, and agricultural assets are exploring RWA pathways, indicating significant future potential [29] - Stablecoins are highlighted as a successful use case for RWA, serving as a core medium for transactions within the RWA ecosystem [29] Regional Insights - In China, particularly Hong Kong, RWA development is driven by policy and industry applications, with a focus on green assets and computing power [30][31] - Hong Kong's regulatory framework supports RWA projects, with initiatives like the "Financial Technology Regulatory Sandbox" facilitating compliance [30] Challenges and Risks - The article notes several challenges for RWA mainstream adoption, including regulatory complexities, ensuring on-chain and off-chain asset consistency, and the need for improved infrastructure [36][38] - Market liquidity for RWA is currently insufficient, and the pricing mechanisms for non-standard assets remain immature [39]

Group 1 - The global financial system is undergoing a profound transformation from "sovereign credit dominance" to a dual-driven model of "technology credit + asset credit," with stablecoins and RWA (Real World Asset tokenization) as core pillars of this change [1][12][22] - Governments and enterprises are driving the accelerated development of the digital asset industry, with regulatory innovations like the US GENIUS Act and Hong Kong's Stablecoin Ordinance playing crucial roles [2][14][16] - The RWA market is projected to reach $16 trillion by 2030, with an extreme optimistic scenario estimating it could reach $68 trillion [1][31][22] Group 2 - The "stablecoin + RWA" system is expected to reconstruct the financial ecosystem, providing benefits such as infrastructure upgrades, inclusive finance, and a restructured valuation system for non-standard assets [2][3][40] - Investment opportunities are concentrated in three core areas: stablecoin infrastructure, RWA tokenization in sectors like green energy and real estate, and ecosystem service providers [3][4][50] - The report emphasizes the importance of regulatory frameworks, institutional capital penetration, and technological innovation in shaping the future of digital finance [3][4][50] Group 3 - Stablecoins are becoming essential tools for enterprises to navigate global changes, providing functions as "digital safe assets" amid high inflation and geopolitical conflicts [2][33] - The integration of stablecoins and RWA is seen as a solution to traditional financial inefficiencies, enhancing capital efficiency and liquidity for small and medium enterprises [2][35][54] - The report highlights the role of financial licenses as a core barrier in the stablecoin sector, with licensed issuers and market makers gaining significant market advantages [3][50][51]

Core Viewpoint - Hong Kong has upgraded its digital asset policy framework to 2.0, aiming to establish itself as a global innovation center in the digital asset field [1][3]. Group 1: Policy Framework Overview - The new framework is summarized by the acronym "LEAP," which stands for Legal optimization, Expend tokenized product categories, Advance application scenarios and cross-industry collaboration, and People development [1][4]. - The policy emphasizes stablecoins and Real World Asset (RWA) tokenization as key application areas [1][5]. Group 2: Transition from 1.0 to 2.0 - The previous 1.0 phase focused on introducing innovative products like digital asset ETFs and expanding investor channels through retail participation [3]. - The transition to 2.0 reflects the need for a new framework to adapt to compliance requirements and balance investor interests with competitiveness [3][4]. Group 3: Key Innovations in 2.0 - The regulatory framework will see the Hong Kong Securities and Futures Commission as the main regulator for digital asset service providers and custodians [4]. - The government plans to regularize the issuance of tokenized government bonds and incentivize RWA tokenization to enhance liquidity and accessibility [4][5]. - A clear timeline for stablecoin regulation is established, with implementation starting on August 1 [5][7]. Group 4: Market Implications - The policy aims to attract international capital by offering tax exemptions for tokenized ETFs and digital asset funds, aligning them with traditional ETFs [7]. - Companies like Lakala and major internet firms are exploring opportunities in stablecoin issuance and digital currency applications in cross-border scenarios [7].

Core Insights - The first "Web3 Artificial Intelligence and RWA (Real World Asset Tokenization) Industry Investment and Financing Ecosystem Matching Summit" was held in Hong Kong, focusing on the compliance paths and boundaries of asset tokenization [1] - The summit attracted participants from various sectors, including digital assets, real estate, and clean energy, highlighting the growing interest in RWA as a transformative financial technology [1][2] Group 1: RWA Market Potential - RWA is seen as initiating a third liquidity revolution in global financial markets, following securitization and ETFs, by providing new infrastructure through on-chain native protocols [1] - The most promising RWA assets are identified as those with stable cash flows, such as green energy credits and industrial real estate, which must align with jurisdiction-specific compliance protocols [1][2] Group 2: Hong Kong's Position - Hong Kong is positioned as a potential "primary clearing port" for RWA assets in Asia due to its unique legal system and complete financial settlement framework [2] - There is a growing trend of Middle Eastern capital establishing on-chain fund platforms in Hong Kong, indicating its potential role as a bridge between RWA asset tokenization and legal assurance [2] Group 3: Regulatory Challenges - The current landscape shows a mismatch between the rapid development of RWA projects and the slower pace of regulatory frameworks, raising concerns about systemic risks due to overly complex financial engineering [3] - The importance of integrating regulatory participation and judicial enforcement from the outset of RWA platform development is emphasized to mitigate risks [3] Group 4: Future Outlook - The summit reflects Hong Kong's ambition to become a "super connector" and "compliance bastion" in the global RWA landscape, but challenges remain in translating traditional financial and legal advantages into digital asset era benefits [3]