On December 1, 2025, a major news broke: according to the Hong Kong Stock Exchange, HashKey, as one of the first batch of licensed virtual asset service providers (VATP) in Hong Kong, officially passed the listing hearing of the Hong Kong Stock Exchange.

On November 3, 2025, the Hong Kong Securities and Futures Commission (SFC) issued two new circulars in one go, clarifying the latest regulatory expectations for SFC-licensed virtual asset trading platform operators, and putting forward new requirements for increasing the liquidity of virtual asset trading platforms and expanding the products and services offered by the platforms.

In the RWA craze, why is stock tokenization a direction we must pay attention to? For intermediaries, institutions, and individual investors alike, what is the significance of getting involved in the US stock tokenization market? Does buying tokenized stocks equal buying the stocks themselves, and what are the key differences? Where are the compliance boundaries for this type of product? ...

Amidst tightening global regulations on crypto assets, an "on-chain chase" spanning Cambodia and the US and UK has captured everyone's attention.

Robinhood, the US internet brokerage giant, announced that it will launch "stock tokens" linked to the equity of top private companies such as OpenAI and SpaceX for European users, once again bringing the cutting-edge issue of real-world asset (RWA) tokenization to the forefront.

In this article, the Crypto Salad team selected three of the most representative countries or regions with international influence - the European Union, the United Arab Emirates, and Singapore, and used the same analysis framework and thinking logic, combined with the Crypto Salad team's blockchain project experience, to sort out the regulatory frameworks of the stablecoins of the above three countries.

On May 21, Hong Kong completed the second and third readings of the Stablecoin Bill, which was formally passed by the Legislative Council. On May 29, 2025, the Stablecoin Ordinance (hereinafter referred to as the “Ordinance”) was promulgated and announced that it will officially take effect on August 1. This event has triggered a wave of enthusiasm both inside and outside the circle.

This article will systematically sort out the regulatory policy framework of virtual assets in Hong Kong for readers, hoping to help everyone establish a more comprehensive and clear understanding.

In this wave of financial innovation, Hong Kong has rapidly developed into a pioneer in the development of compliance in the RWA field with its unique institutional advantages - from the charging pile asset tokenization project launched by Longxin Group to the first compliant tokenized fund in Asia launched by China Asset Management.

The Legislative Council of the Hong Kong Special Administrative Region passed the Stablecoin Bill on May 21, 2025, marking Hong Kong as the world's first jurisdiction to establish a full-chain regulatory system for fiat currency stablecoins.

Industry observers on the Internet often put forward the conclusion that "RWA will reconstruct Hong Kong's new financial ecology", and believe that relying on the existing regulatory framework of the Hong Kong Special Administrative Region, this track will usher in breakthrough development.

The stablecoin track has huge growth potential. However, as a double-edged sword, the technological innovation of stablecoins has broad development prospects, but its potential risks cannot be ignored.

Web3 professional lawyers will help you understand stablecoins.

From project parties to institutional investors and ordinary cryptocurrency players, everyone has shown keen attention and strong interest in DAO. It is like a key that opens the mysterious door to the future organizational form.

Through research from the consumer's perspective, we will introduce to you the details and innovations of the Malu Grape RWA product.