Li Ziqi, senior director of the investment products department of the Hong Kong Securities Supervision Commission, said that tokenized deposits are an important cornerstone of the entire tokenized ecosystem. It is hoped that when the virtual asset market becomes mature, the next step will be to promote the opening of secondary market transactions and the use of fund units as collateral, improve the efficiency of capital utilization in the market, and ultimately promote the wide application of tokenized assets in the traditional securities market. Li Ziqi pointed out that financial marekt activities are complex, and to achieve a complete tokenized ecosystem, many challenges need to be overcome, such as considering whether to ensure real-time and accurate recording of ownership, tokenized arbitrage activities and fairness. Li Dazhi, deputy chief executive of the Hong Kong Monetary Authority, said that the HKMA has assisted the government in issuing tokenized green bonds, but the issuance process is not fully tokenized. It is hoped that through the Ensemble project sandbox, a financial infrastructure platform will be established to help financial institution groups complete end-to-end tokenized transactions, and to assist real assets that have been more difficult to finance in the past to become easier-to-trade digital assets, such as ownership of charging stations.