The tokenization of real-world assets (RWA) ecosystem is booming in Europe and the United States, with Securitize emerging as a key infrastructure player after a seven-year breakout. Its business model and compliance pathway unveil the mature underpinnings of asset tokenization, security token offerings (STOs), and secondary trading in the West. In contrast, Hong Kong, despite proactive policy support for virtual assets and tokenization, faces a real dilemma characterized by insufficient liquidity, a still-evolving regulatory framework, and low participation from traditional financial institutions — a situation of “hot policy, cold market.” Investors navigating this bifurcated landscape must reassess strategies based on asset quality, regulatory channels, and exit mechanisms, while observing whether Securitize’s playbook can offer lessons for Hong Kong.
