As the policy boundaries for the tokenization of real-world assets (RWA) gradually become clearer, regulation not only strengthens risk prevention but also leaves room for exploration in compliant offshore issuance. Against this backdrop, taking advantage of a mature regulatory environment, Hong Kong, as an international financial center, is gradually revealing its institutional advantages in supporting the issuance and circulation of RWA under compliant conditions. The focus of market attention has shifted from "Can it be done?" to "Who can do it compliantly and how?"

At this critical stage where RWA moves from policy pilot programs to large-scale implementation, the core issue faced by asset issuers and professional intermediaries is no longer "Do we have the ability to tokenize?" but rather "How can we safely and replicably advance issuance and circulation within the existing regulatory framework?" As a digital asset financial infrastructure service provider listed in Hong Kong, HashKey Group (3887.HK) recently launched a one-stop RWA issuance solution that revolves around this core need. This solution prioritizes compliance by integrating licensed trading, custody, technology, and operational capabilities, creating a complete closed loop covering structural design, issuance, and subsequent circulation, offering a definitive path for asset owners and intermediaries.

1. The Listing Entity and Global Licensing Build a Trust Foundation

For asset issuers, RWA projects are primarily financial activities, and secondarily technology applications, with trust being the core of finance. When choosing partner institutions, regulatory certainty and compliance capability are always the primary considerations.

HashKey Group, as a company listed on the main board of the Hong Kong Stock Exchange, is continuously monitored for its corporate governance, information disclosure, and risk management, ensuring a high level of transparency and standardized operation. The group holds Hong Kong SFC licenses 1, 4, 7, and 9, along with a TCSP license, and has obtained relevant digital asset or financial service licenses in Singapore, Japan, Bermuda, and Dubai, while promoting compliant arrangements in Europe and the Middle East markets.

Among them, HashKey Exchange, a subsidiary of the group, is one of the virtual asset trading platforms approved by the Hong Kong SFC and leads in trading scale as a listed licensed virtual asset exchange in Hong Kong. This "listed entity + multi-region licensing" structure allows HashKey to design compliant cross-border issuance and trading arrangements for clients within the existing regulatory framework, avoiding compliance risks stemming from regulatory uncertainties.

For intermediary institutions (such as law firms and accounting firms), collaborating with a platform with a complete regulatory background not only helps reduce compliance uncertainties but also enhances the overall certainty and executability of the project.

2. A Complete Closed Loop from Structural Design to Trading Circulation

The core challenge currently faced by RWA projects is not a single technical capability but rather how to deeply integrate legal structures, regulatory requirements, and on-chain technology.

HashKey's one-stop solution connects the complete path of RWA from issuance to market circulation across five key stages: "compliance structure design — on-chain deployment — issuance arrangement — trading circulation — information disclosure."

In terms of compliance structure design, the solution strictly follows the regulatory logic of the Hong Kong SFC, implementing the principle of "same business, same risks, same rules," ensuring that the legal relationships of underlying assets are clear, investor suitability arrangements are sound, and risk disclosures are sufficient.

At the technical level, the group relies on a Crypto-as-a-Service system and the token management platform Nexatoken, supporting compliant token standards including ERC-3643, and can accommodate various deployment environments based on project needs, including different public chains and consortium chains. By implementing technical measures for asset rights confirmation, transfer restrictions, whitelist management, and information disclosure constraints, the on-chain circulation can remain consistent with the off-chain legal structure.

In the issuance and circulation stage, HashKey can provide due diligence, structural design, distribution, and token custody services, while relying on its licensed trading platform to offer primary market subscription and redemption channels. Subject to regulatory approval, secondary trading can be conducted via an order book (CLOB) or over-the-counter (OTC) methods, complemented by a delivery versus payment (DVP) clearing mechanism, enhancing fund security and liquidity efficiency.

This full-process, integrated capability means that asset issuers and intermediary agencies do not need to independently connect with technology vendors, legal advisors, and trading platforms, but can efficiently collaborate under a unified compliance framework, significantly reducing communication costs and operational complexity.

3. "Replicable Genes" Accumulated from Benchmark Projects

When selecting an RWA service provider, whether they have real project experience is a key criterion for judging their ability.

HashKey Group has implemented multiple benchmark RWA projects, including the world's first tokenized money market fund ETF launched in cooperation with BoShi Fund, the tokenized security GF Token issued in collaboration with Guangfa Securities, and the tokenized notes STBL launched with Cinda International Asset Management, covering fields such as funds, bonds, and supply chain finance. In these projects, the group has accumulated practical experience in structural design for asset on-chain, investor management, cross-border capital arrangements, and ongoing information disclosure, and possesses scalable replication capability.

Currently, HashKey has also engaged in forward-looking connections with multiple regulatory departments. Under the strict adherence to mainland statutory filing requirements, it undertakes cross-border issuance through a Hong Kong licensed structure. This "trial first" practical experience has greatly reduced the iterative costs for subsequent asset owners and intermediary institutions.

4. Hong Kong as a Hub: Dual Support from System and Capital

The core value of RWA lies in linking high-quality real assets with global capital markets. Hong Kong has mature experience in cross-border financial structural design, and its virtual asset regulatory framework connects with traditional securities regulatory systems, providing a high degree of legal certainty.

At the same time, Hong Kong gathers resources from family offices, sovereign funds, and diversified institutional investors, creating conditions for introducing global funding to the originally relatively illiquid underlying assets. A mature array of professional services in law, auditing, trusts, and custody also provides institutional guarantees for key issues such as bankruptcy isolation, asset rights confirmation, and risk control.

HashKey's one-stop solution is built on this institutional foundation, combining licensed operations with technological capabilities to help assets achieve compliant "going abroad."

5. Choosing HashKey Anchors Certainty

At this crucial stage where RWA is moving towards institutionalization and scaling, the market is no longer examining mere conceptual hype and innovation but rather the more realistic questions: Who has the compliance depth that penetrates cycles? Who has verified the closed-loop logic? Who possesses practical experience sufficient to support large-scale expansion?

Based on the governance transparency of the listed entity, the compliance depth formed by global multi-regional licensing, as well as the practical implementation in various assets such as funds and bonds, the global breadth of licensing and the depth of multi-scenario implementation, HashKey Group is opening a clear, executable, and replicable digital financial door for global high-quality assets.

In this field, choosing a platform with an institutional foundation and practical accumulation is not only a business choice but also a long-term anchoring of future trends.

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