HashKey Group, recognized as Hong Kong”s largest licensed cryptocurrency exchange, has introduced a pioneering platform for Real-World Asset (RWA) tokenization. This launch follows closely on the heels of its recent IPO, which raised $215 million on the Hong Kong Stock Exchange.
The new service, spearheaded by HashKey Tokenisation, provides a comprehensive solution for transforming illiquid assets into digital tokens that are readily tradable on a global scale. This initiative aligns with Hong Kong”s Digital Asset Development Policy Declaration 2.0, which established a framework known as “LEAP” and introduced exemptions on stamp duties for tokenized exchange-traded funds (ETFs), set to take effect in June 2025.
HashKey”s RWA platform integrates a robust blockchain infrastructure through its Crypto-as-a-Service (CaaS) engine. The platform utilizes Nexatoken for complete lifecycle management of tokens, adhering to the ERC-3643 standard. This interoperability allows seamless interaction between the HashKey Chain and other major blockchains.
In terms of trading capabilities, the HashKey Exchange facilitates both primary market subscriptions and secondary trading. These transactions can occur via Central Limit Order Books or over-the-counter (OTC), ensuring instant Delivery versus Payment (DVP) settlements. The platform is designed to cater to two primary audiences: asset issuers eager to tokenize previously non-liquid assets, and professional intermediaries, including law firms, auditors, and brokers, who are seeking blockchain-enabled service solutions.
Dr. Xiao Feng, Chairman and CEO of HashKey Group, emphasized the significance of RWAs, stating that they serve as a crucial link to the future landscape of finance. He added that their comprehensive solution capitalizes on Hong Kong”s institutional advantages to create an efficient pathway for asset tokenization.
HashKey has secured licenses in multiple jurisdictions, including Hong Kong, Singapore, Japan, Bermuda, and Dubai. The firm attracted significant interest during its IPO, which saw retail demand oversubscribed by 394 times, with cornerstone investors such as Fidelity and UBS.
The RWA tokenization market has already surpassed $36 billion, excluding stablecoins, by late 2025. BlackRock”s BUIDL fund, leading this sector with $2.85 billion, has recently become available for decentralized finance (DeFi) trading on Uniswap. In this evolving landscape, HashKey is positioning itself as the regulated alternative to the Securitize and BlackRock infrastructure that predominates in Western markets.
Furthermore, Hong Kong has successfully raised $1.28 billion through digital green bonds and is poised to formalize the issuance of RWAs under its emerging regulatory framework. HashKey Tokenisation is expected to release a detailed RWA Issuance Service Manual shortly to facilitate the onboarding process for new users.
