Hong Kong Digital Asset Development Policy Declaration 2.0 Released: Comprehensive Layout on Regulation, Tokenization, Application Scenarios (Including Stablecoins), and Talent.

Compiled by: KarenZ, Foresight News

On June 26, the Hong Kong SAR government released the "Hong Kong Digital Asset Development Policy Declaration 2.0" (referred to as "Policy Declaration 2.0"), aiming to enhance the liquidity of digital asset trading, promote a more diversified supply of digital asset products, empower industry development, foster inclusive finance, cultivate talent, and strengthen Hong Kong's position as a global digital asset hub.

TL;DR

1. Proposed the "LEAP" framework, which includes optimizing legal and regulatory measures, expanding the variety of tokenized products, advancing digital asset (including stablecoin) application scenarios and cross-sector collaboration, as well as talent and partnership development.

2. The Hong Kong Financial Services and the Treasury Bureau and the Securities and Futures Commission will soon conduct public consultations on the licensing mechanism for digital asset trading service providers and digital asset custodians.

3. The Securities and Futures Commission will be the main regulatory body for digital asset trading service providers and custodians, responsible for licensing and registration, setting standards, and optimizing regulatory processes.

4. The Monetary Authority, as the frontline regulator for banks, will oversee their digital asset trading and custody activities.

5. The Hong Kong government will regularize the issuance of tokenized government bonds and promote tokenization in various fields such as precious metals (like gold), non-ferrous metals, and renewable energy.

6. The stamp duty exemption for the transfer of all ETFs listed on the Hong Kong Stock Exchange will also apply to tokenized ETFs.

7. Hong Kong will implement a regulatory regime for stablecoin issuers starting August 1, 2025. Market participants are welcome to suggest how the government can experiment with and utilize licensed stablecoins.

8. Cyberport will assist the government in building a stable reserve of professional talent.

The "Policy Declaration 2.0" is also the next phase of development following the Hong Kong Securities and Futures Commission's release of the "ASPIRe" roadmap in February this year. (The "ASPIRe" roadmap covers a new regulatory framework for over-the-counter trading of virtual assets and virtual asset custody services, and will also promote the expansion of virtual asset products and services.)

Key Points of the "Policy Declaration 2.0":

The policy proposes the "LEAP" framework, aiming to create a trustworthy, sustainable, and deeply integrated digital asset ecosystem within the real economy. Specifically, it includes:

I. Optimizing Legal and Regulatory Measures

1. Unified and Comprehensive Regulatory Framework: Covers digital asset exchanges, stablecoin issuers, digital asset trading service providers, and custodians, with a focus on investor and consumer protection.

• The next major step is to conduct public consultations on the licensing mechanism for digital asset trading service providers and custodians.
• The Hong Kong SAR government suggests designating the Securities and Futures Commission as the main regulatory body for digital asset trading service providers and custodians, responsible for licensing and registration, setting standards, and optimizing regulatory processes.
• The Monetary Authority, as the frontline regulator for banks, will oversee their digital asset trading and custody activities.
• Hong Kong will continue to implement international standards related to digital assets, including the International Organization of Securities Commissions' "Policy Recommendations on Crypto and Digital Asset Markets," the Financial Stability Board's "Global Regulatory Framework for Crypto Asset Activities," the Basel Committee on Banking Supervision's "Prudential Treatment of Crypto Asset Risks," and the OECD's "Crypto Asset Reporting Framework" to promote tax transparency.

2. Review of Tokenization Laws and Regulations: The Financial Services and the Treasury Bureau and the Monetary Authority will lead the review of relevant laws and regulatory frameworks, referencing international experiences to promote further application of tokenization in Hong Kong. The initial focus will be on the bond market that has passed the proof of concept stage, comprehensively reviewing the issuance and trading processes of tokenized bonds, including but not limited to settlement, registration, and record-keeping requirements.

II. Expanding the Suite of Tokenized Products

1. Regularization of Tokenized Government Bond Issuance: The government has issued tokenized green bonds totaling approximately HKD 6.8 billion on two occasions and will regularize the issuance of tokenized government bonds in the future.

2. Promoting Tokenization of Real-World Assets and Financial Assets:

• Through the Monetary Authority's Ensemble project, encourage innovative application scenarios, including the tokenization of traditional financial products (such as money market funds and other funds) and the income streams of real-world assets. The Monetary Authority is exploring the establishment of Ensemble infrastructure to facilitate the settlement of interbank tokenized deposits, simplifying processes and enhancing liquidity.
• The London Metal Exchange has included Hong Kong in its global warehouse network for licensed delivery locations, and the government encourages the market to apply tokenization and physical asset tracking technology in storage programs.
• The government will intensify efforts to expand tokenization solutions, promoting applications in various fields such as precious metals (like gold), non-ferrous metals, and renewable energy (like solar panels).
• Clarify that the stamp duty exemption for the transfer of all ETFs listed on the Hong Kong Stock Exchange also applies to tokenized ETFs.
• The government will submit legislative proposals to include specified digital assets in the eligibility for profits tax exemptions for privately placed funds and family investment control tools. If the proposal is approved by the Legislative Council, the tax exemption will take effect from the 2025/2026 tax year.

III. Advancing Use Cases and Cross-Sectoral Collaboration

1. Supporting Stablecoins and Other Tokenized Projects, Including Exploring the Use of Stablecoins as Payment Tools: Hong Kong will implement a regulatory regime for stablecoin issuers starting August 1, 2025. This regime will set requirements for reserve asset management, stabilization mechanisms, redemption processes, and prudent risk management, promoting licensed stablecoin issuers in Hong Kong to research and implement solutions for various application scenarios. Market participants are welcome to suggest how the government can experiment with and utilize licensed stablecoins.

2. Promoting Collaboration Among Regulatory Bodies, Law Enforcement Agencies, and Technology Providers: Hong Kong Cyberport will collaborate with relevant stakeholders in the digital asset industry, utilizing its incubation ecosystem to provide support, including business matching opportunities, technical support, industry expert guidance, and participation in accelerator programs related to digital assets and Web3. Cyberport will also launch a blockchain and digital asset pilot funding program to provide funding and assistance for projects with future application potential, significance, and market impact.

3. The Invest Hong Kong department is ready to support digital asset service providers in establishing and expanding their businesses in Hong Kong.

4. Hong Kong Exchanges and Clearing Limited has launched the first digital asset index in Hong Kong, providing investors with transparent and reliable Bitcoin and Ethereum price benchmarks within the Asian time zone.

5. Encouraging the Development of Digital Asset Infrastructure, including but not limited to various regulatory technologies, cybersecurity, and monitoring solutions with local experience and deep regional expertise. The government will promote collaboration among technology providers, regulatory bodies, and law enforcement agencies.

IV. People and Partnership Development

1. Continue to encourage training and talent development in the digital asset industry, with a particular focus on blockchain applications, AI integration, and digital asset innovation. Cyberport will assist the government in building a stable reserve of professional talent through relevant measures.

2. The government will promote strategic collaboration between universities and the industry, connecting academic research with practical applications in the digital asset field. Joint research programs will focus on developing new blockchain applications, tokenization frameworks, monitoring, and AI-driven financial tools.

3. The government will strengthen cooperation between regulatory bodies and law enforcement agencies, coordinating the work of local regulatory and law enforcement agencies to support the development of a transparent, secure, and resilient digital asset market, and will work with regulatory bodies to support and participate in international cooperation.

Source: https://www.info.gov.hk/gia/general/202506/26/P2025062500847.htm

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