Ronald Leung’s original, dated commentary is reproduced below. Views, invitations and product references reflect the time of publication; they are not investment advice, an offer, a guarantee of return or confirmation of current availability.
Ronald’s commentary
Two products in Hong Kong both answer to the name "gold investment." One lets you walk away with metal; the other lets you walk away with cash.
That single difference — what's in your hands at the end — decides which regime you're under. Tokenising either one doesn't move the line; it just puts the same product on a screen.
Disclosure: Esperanza operates a tokenised gold business.
— Let's open the statute. A new breakdown every week.