Elizabeth Wong, Director at Hong Kong's Securities and Futures Commission (SFC), expressed concerns over the slow progress in tokenized asset implementation since the 2023 guidance. Speaking at the Finternet 2025 Asia Digital Finance Summit, Wong noted that successful cases remain scarce, and the industry's feedback has been insufficient, hindering market-driven innovation. The SFC has reiterated that securities laws apply to tokenized securities and is actively involved in the Hong Kong Monetary Authority's Project Ensemble, offering guidance on licensing and public offerings. Despite efforts to engage the market, the lack of constructive input from industry participants has been a significant barrier to advancing tokenization initiatives.