美国互联网券商巨头Robinhood宣布面向欧洲用户推出与OpenAI、SpaceX等顶级未上市公司股权挂钩的“股票代币”，再次将现实世界资产（RWA）代币化这一前沿议题推向风口浪尖。

在本文当中，加密沙律团队挑选了其中最具代表性、且具备国际影响力的三个国家或地区 —— 欧盟、阿联酋、新加坡，并且用相同的分析框架和思考逻辑，结合加密沙律团队的区块链项目经验，来为大家梳理以上三者各自的稳定币的监管框架。

On May 21, Hong Kong completed the second and third readings of the Stablecoin Bill, which was formally passed by the Legislative Council. On May 29, 2025, the Stablecoin Ordinance (hereinafter referred to as the “Ordinance”) was promulgated and announced that it will officially take effect on August 1. This event has triggered a wave of enthusiasm both inside and outside the circle.

本文将为读者系统梳理香港虚拟资产的监管政策框架，期望帮助大家建立起更全面、清晰的理解。。

在这一波金融创新浪潮中，香港凭借其独特的制度优势，已迅速发展成为RWA领域合规发展的先行者——从朗新集团推出的充电桩资产代币化项目，再到华夏基金推出的亚洲首支合规代币化基金。

香港特区立法会于2025年5月21日通过了《稳定币条例草案》，标志着香港成为全球首个建立法币稳定币全链条监管体系的司法管辖区。

Industry observers on the Internet often put forward the conclusion that "RWA will reconstruct Hong Kong's new financial ecology", and believe that relying on the existing regulatory framework of the Hong Kong Special Administrative Region, this track will usher in breakthrough development.

The stablecoin track has huge growth potential. However, as a double-edged sword, the technological innovation of stablecoins has broad development prospects, but its potential risks cannot be ignored.

Web3 professional lawyers will help you understand stablecoins.

From project parties to institutional investors and ordinary cryptocurrency players, everyone has shown keen attention and strong interest in DAO. It is like a key that opens the mysterious door to the future organizational form.

Through research from the consumer's perspective, we will introduce to you the details and innovations of the Malu Grape RWA product.

The RWA path exploration that can generate the greatest value and is most suitable for us must be in the form of mainland assets + data compliance outbound + raising overseas funds, so that assets are controllable, data are credible, and funds can be raised.

As of 2025, is the Singapore Foundation still the best coin issuer for the RWA project? Are there any other regions or other types of entities to choose from?

This article will deeply analyze the core content of one of the new regulations issued by the State Administration of Foreign Exchange on December 26, "Regulations on Due Diligence Exemption for Bank Foreign Exchange Business (Trial)", to clarify the rules and responsibilities in foreign exchange business.

Tokenized funds? How are they different from traditional funds? Which investors can subscribe and how can they redeem them? What are the investment assets of the first tokenized fund for the general public in Asia Pacific?