最新报道：According to Bijie.com, Hong Kong is rapidly developing its digital financial market through the tokenization of real-world assets (RWAs), exchange-traded funds (ETFs), and new stablecoin regulations. However, high costs and compliance requirements continue to hinder the development of smaller issuers. On August 26, trading volume for six virtual asset ETFs in Hong Kong reached HK$56.4 million (US$7.2 million). Despite market volatility, these figures indicate that investor interest remains stable. RWA tokenization faces high entry costs. RWA projects hold the promise of opening up global liquidity and expanding investor access. However, costs remain high. According to Bijie.com, the cost of issuing a tokenized product can exceed 6 million RMB (US$820,000). Brokerage fees account for the largest share, while blockchain integration and legal compliance add further expenses. Additional costs for financing, cross-border approvals, and promotion add to the overall burden. In addition to the one-time issuance, companies must also obtain licenses. A key Hong Kong financial license costs over 1.5 million RMB, while a virtual asset service provider (VASP) license can cost tens of millions of RMB. Proponents argue that tokenization improves efficiency compared to traditional securitization. However, reliance on oracles, gaps in expertise, and the need for expensive intermediaries hinder adoption. Liquid assets such as money market funds and U.S. Treasuries are seen as the most practical candidates for tokenization. In contrast, illiquid infrastructure projects remain difficult to scale. Hong Kong ETFs Show Investor Interest. ETF trading patterns indicate a clear preference for Ethereum-based products. China Asset Management's Ethereum ETF led gains on August 26, with trading volume approaching HK$26 million. Its Bitcoin products, as well as those from rivals Harvest Fund and Bosera Asset Management, saw smaller volumes. Overall, Ethereum-related ETFs accounted for nearly two-thirds of trading activity. Analysts say this reflects a global trend toward Ethereum supporting decentralized applications and offering opportunities beyond price speculation. Ruihe Enters Bitcoin Mining. Regarding corporate initiatives, Hong Kong-listed Ruihe Data Technology Holdings announced plans to enter the Bitcoin space through cloud mining. The company has signed an outsourcing agreement with mining hardware manufacturer Bitmain to operate the business. The company said outsourcing enabled it to avoid huge capital expenditures while maintaining flexibility. Under the agreement, Ruihe will receive corresponding rewards. Stablecoin rules build a new framework. Policy changes have added a new level to Hong Kong's digital financial development. On August 1, Hong Kong officially implemented the Stablecoin Ordinance, which stipulates the licensing requirements for issuers. Local comments urged the government to align the strategy with China's 15th Five-Year Plan and position Hong Kong as a stablecoin issuance center. The next plan is to release the "Financial Development White Paper." Industry leaders see opportunities. JD.com CEO Liu Qiangdong recently said: "Tokenization, ETFs and stablecoin regulation together demonstrate Hong Kong's ambition to take a leading position in the global digital asset market."