This article examines the rapid growth of Real-World Asset (RWA) tokenisation in Asia, focusing on Hong Kong as an emerging regional hub. It analyses three sectoral case studies in renewable energy, real estate, and financial instruments to illustrate the practical applications, market implications, and regulatory challenges of RWA projects. As of September 2025, the global RWA market reached an estimated value of $30.91 billion and is projected to grow into a trillion-dollar market within the next decade. The article highlights Asia’s proactive regulatory initiatives aimed at developing clear tokenisation standards and promoting the sustainable and responsible growth of the virtual asset sector. Supported by regulatory sandboxes and institutional participation in leading financial centres such as Hong Kong and Singapore, the region has become a focal point of innovation in asset tokenisation. Following the introduction, Section 2 reviews the latest developments in RWA as a fast-emerging area of financial and legal practice. Section 3 presents three case studies, while Section 4 provides practical guidance for asset owners and investors. Section 5 discusses key regulatory models and the overseas expansion of Chinese enterprises through digital assets tokenisation, and Section 6 concludes with implications for regulators, investors, and policymakers.

The enforcement of peer-to-peer (P2P) registration requirements in mid-2018 triggered a P2P market meltdown, highlighting the inherent challenge faced by Chinese market participants in distinguishing between genuine and fraudulent fintech firms. The difference-in-difference results suggest that the too-big-to-fail (TBTF) perception can effectively halve investor outflows and borrower outflows during periods of uncertainty. Dynamic analysis further validates the parallel-trend assumption and underscores the persistent influence of TBTF perception. Moreover, the empirical findings suggest that, in the face of a market downturn, fintech market participants become unresponsive to all other certification mechanisms, including venture capital participation, custodian banks, and third-party guarantees.