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At the "Manifesto 2.0: How Chinese Leading Institutions Upgrade Licensing for Global Layout" roundtable on July 15, institutions like Fosun Wealth Holdings highlighted Hong Kong's updated policy framework to explore mechanisms converting M2 (broad money) to M0 (base money). For example, U.S. Treasury tokenization (RWA) has attracted players like Franklin Templeton. The Hong Kong SFC reports over 40 institutions have upgraded their "Type 1 licenses" for virtual asset trading, with the first stablecoin licenses expected by 2025, solidifying Hong Kong as a global digital asset hub
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