According to the Hong Kong Monetary Authority (HKMA), it has launched the pilot phase of Project Ensemble to test real-value transactions using tokenized deposits and digital assets (source: HKMA). For traders, the key takeaway is that HKMA is conducting live-value transaction pilots on tokenized deposit rails and digital assets, confirming institutional tokenization infrastructure is under active evaluation by HKMA (source: HKMA).

According to the source, Asian crypto markets delivered 47% returns versus approximately 30% in the US and EU, with the outperformance attributed to retail participation and clearer regulation in Hong Kong, source: public X post dated Sep 23, 2025. For trading, the source-flagged divergence suggests prioritizing Asia-session liquidity, monitoring Hong Kong regulatory catalysts, and calibrating regional exposure as momentum favors Asia, source: public X post dated Sep 23, 2025.