As a CFA III quant analyst who built automated trading models on-chain, I’ve watched Hong Kong’s Digital Asset Declaration 2.0 not as hype—but as infrastructure reengineering. With RWA tokenization, tax exemptions for tokenized ETFs, and the world’s first standalone digital asset custodian regime, Hong Kong is quietly rewriting financial rules. Singapore? Outmatched. This isn’t crypto theater—it’s calculus with real-world assets.