Hong Kong's latest digital asset blueprint positions stablecoin regulation and asset tokenization at the core of its strategy to become a global cryptocurrency and fintech hub.

The policy statement released on Thursday introduced a framework called "LEAP," aimed at legal clarity, ecosystem expansion, real-world applications, and talent cultivation. It builds on the foundation laid by the government's first policy statement published in October 2022.

As part of the new framework, the government will implement a licensing system for stablecoin issuers starting August 1, which "will facilitate the development of real-world use cases."

The Securities and Futures Commission (SFC) will oversee the licensing of digital asset (DA) trading and custody providers, while the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority will lead the legal review to support the tokenization of real-world assets (RWA).

Hong Kong's second policy statement on digital assets. Source: Hong Kong Government

Hong Kong to Regulate Tokenized Bonds

The government also plans to "regulate the issuance of tokenized government bonds" and promote tokenized ETFs by clarifying their stamp duty treatment.

The policy statement noted, "In this regard, the government welcomes the introduction of secondary market trading for these tokenized ETFs on licensed DA trading platforms or through other channels."

In addition to bonds and funds, the government stated its goal is to incentivize tokenization across a broader range of sectors, including metals and renewable energy assets, showcasing "the versatility of this technology in areas such as precious metals (like gold) and solar panels."

The policy also includes new measures to promote innovation, such as the Cyberport funding scheme aimed at supporting outstanding blockchain and digital asset projects.

Financial Secretary Paul Chan stated in a statement that the new framework "demonstrates the practical applications of tokenization," aiming to "establish a more prosperous DA ecosystem that integrates the real economy with social life."

The government indicated that it will soon conduct public consultations on the new licensing system.

Hong Kong Focuses on Cryptocurrency Derivatives

Earlier this month, Hong Kong's financial authorities stated they are preparing to introduce digital asset derivatives trading for professional investors.

This initiative follows the recent approval of spot cryptocurrency ETFs, futures products, and staking services (including the green light for HashKey to provide staking services in April), positioning Hong Kong as a leading digital finance center.

In May, the city's Legislative Council passed the Stablecoin Bill, paving the way for a regulated framework that will make the region a global leader in digital asset and Web3 development.

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