Hong Kong faces significant hurdles in establishing a fully tokenized capital market, according to former Securities and Futures Commission Chairman Leung Ding-bong. Speaking in an interview with Foresight News, Leung emphasized that the U.S. Nasdaq is currently experimenting with tokenized stock transactions using stablecoins like USDC for settlement. Leung argues that tokens are not a new concept, as stocks already represent a form of token. By converting traditional stocks into digital tokens on a blockchain, all operations can be streamlined and settlements can occur instantly. He also believes that the combination of asset tokenization with central bank digital currencies (CBDCs) holds great potential for revolutionizing market operations. However, Hong Kong must overcome three key obstacles to achieve this: technological infrastructure, regulatory oversight, and market adoption. This is a crucial step in fostering a successful tokenized capital market.