Former Chairman of the Hong Kong Securities and Futures Commission: Stocks are essentially a form of token

According to the 21st Century Business Herald, former chairman of the Hong Kong Securities and Futures Commission, Liang Ding-bong, stated in an exclusive interview that the US Nasdaq has begun experimenting with tokenized stock trading and using stablecoins (such as USDC) for settlement. Tokens are not a new concept; stocks are essentially a type of token. If stocks are transformed into digital tokens on the blockchain, all operations can be completed within a single system, achieving instant settlement. The combination of asset tokenization and central bank digital currencies can reshape the entire market's operational model. To establish such a new capital market based on asset tokenization, Hong Kong needs to overcome challenges in three areas: technological infrastructure, regulatory framework, and market acceptance.