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Mr. Leong Sing Chiong, Deputy Managing Director of MAS, stated, "The industry pilot of Project Guardian has successfully demonstrated that tokenized financial assets, such as fixed-income, forex, and asset management products, can achieve seamless cross-border trading, settlement, and distribution. To fully unlock the potential of the tokenized market and realize network effects, scalable digital infrastructure is required. GL1 will provide the foundational digital backbone and bring the market together with openness and accessibility principles similar to the public internet. MAS welcomes more policymakers and financial institutions to participate in the design phase of the GL1 initiative and contribute to its development."
Earlier, Professor Wang Yang, Vice-President of the Hong Kong University of Science and Technology, called on Hong Kong to be a leader in the future RWA ecosystem in an article in Ta Kung Pao. Wang emphasized that in the development of Web3.0, Hong Kong should focus on the deep integration of virtual and real-world assets. Utilizing blockchain technology, based on the Hong Kong dollar stablecoin, a robust Web3 ecosystem can be constructed. The focus should be on the digitization and tokenization of real-world assets (RWA), such as bonds, private credit, trade finance, real estate, carbon credit certificates, and precious metals. These actions will significantly promote the close integration of the virtual economy with physical assets. In fact, the tokenization of RWA is not only the greatest potential for Hong Kong's development in Web3 but also the future trend of Web3 worldwide.
In September 2022, Boston Consulting Group (BCG) predicted that by 2030, the tokenization scale of real-world assets would reach $16 trillion. Correspondingly, Citibank released a comprehensive 162-page research report in March 2023, analyzing the path for Web3 to achieve a billion users and digital assets reaching several trillion dollars. Citibank predicts that by 2030, $4 trillion to $5 trillion worth of assets will be tokenized, and blockchain-based trade finance transaction volume will reach $1 trillion. |
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Post time 27-11-2023 06:08:55
