Liang Dingbang, former chairman of the Hong Kong Securities and Futures Commission, highlighted the evolving landscape of stock trading, noting that NASDAQ is testing tokenized stock trading and stablecoin settlements. He asserted that stocks are fundamentally tokens, suggesting that their conversion into blockchain-based digital tokens could streamline operations and enable instant settlement. Liang further explained that integrating asset tokenization with central bank digital currencies could transform market operations. Hong Kong is pursuing the development of a new capital market centered on asset tokenization, though it faces hurdles in technical infrastructure, regulatory frameworks, and market acceptance.