On April 21, 2026, HashKey RWA CEO Anna Liu delivered a keynote speech titled “The Ultimate Q&A of RWA: Starting From Here” at the main venue of the Web3 Festival. She stated: “The essence of RWA is not a single product innovation, but a natural extension of financial infrastructure.”

Anna pointed out that each evolution of financial infrastructure is often not due to the failure of the old system, but because new technologies make “things that were not possible in the past” achievable. Distributed ledger technology is providing such new possibilities: allowing the issuance, circulation, settlement, and ownership recording of assets to be completed on the same set of open, transparent, and programmable infrastructure. She emphasized that this is not a disruption of the traditional financial system, but an extension driven by new technologies.

As this infrastructure gradually takes shape, the global regulatory framework for tokenized assets is also accelerating, providing a clearer path for industry development. The Hong Kong Securities and Futures Commission announced on April 20, the pilot for secondary market trading of tokenized investment products recognized by the commission on licensed virtual asset trading platforms, which is the latest example of this trend.Anna stated that as the rules gradually become clear, the focus of the industry is shifting from “whether access is possible” to “how to issue efficiently” and “whether there is sufficient market absorption capacity,” with issuance capability and liquidity absorption capacity becoming key thresholds for the implementation of RWA projects.

Anna further pointed out that the issuance of RWA is essentially a systematic project, involving multiple aspects such as asset screening, legal structure, on-chain issuance, distribution circulation, and duration management, where the absence of any link makes it difficult to form a sustainable market. Based on multiple real project practices, HashKey has formed a one-stop issuance solution that covers the full lifecycle of RWA projects, with its core embodied in five capabilities:

1. Compliance Issuance Framework Design: first clarifying the asset-bearing structure and token rights attributes, and coordinating cross-border judicial jurisdiction regulatory requirements, ensuring the compliance framework is established before technical design is implemented.

2. On-chain Technical Support: relying on HashKey Chain, rules such as KYC/AML, investor suitability, and transfer restrictions are written into smart contracts to achieve automatic compliance execution;

3. Full-process Issuance Services: providing full-process support from due diligence and rights confirmation to token issuance and subscription;

4. Transaction and Liquidity Management: continuously promoting the linkage between primary issuance and secondary market liquidity through licensed trading platforms and distribution networks;

5. Information Disclosure and Ongoing Tracking: achieving on-chain updates of asset data and standardized information disclosure to support the full lifecycle management of projects.

Anna stated that the above five capabilities have been validated in real markets. In the future, this system will not only serve local asset issuers in Hong Kong but also target institutional investors in the Asia-Pacific region and global financial institutions, becoming an important infrastructure connecting different markets.