Original | Odaily Planet Daily (@OdailyChina)
Recently, a large number of crypto companies have announced plans to go public in the U.S., and crypto investment firm Animoca Brands has also been reported to be considering a return to the capital market. In response, the company's president, Ouyang Qijun, stated that since the group delisted from Australia, it has indeed been evaluating new listing opportunities. He admitted that the IPO enthusiasm for virtual asset companies in the U.S. remains strong, but as a Hong Kong company, Animoca Brands still prioritizes local fundraising. He pointed out that the final timing and location of the listing will depend on the overall market environment and the cooperation of potential investors, “there is still no final decision at this time.”
This statement is not surprising. On the global capital map of Web3, Hong Kong's attractiveness is currently being re-evaluated. In recent years, Hong Kong's regulatory framework has gradually become clearer, providing a relatively predictable compliance path for digital asset companies. Compared to Singapore, which once had a relaxed regulatory environment but has since tightened, Hong Kong's stance appears more proactive. Especially after the Monetary Authority of Singapore (MAS) announced that all crypto companies would be included under the DTSP licensing regulation, many companies have turned their attention back to Hong Kong: not only is it located at the core of the Asian market, but it also retains a unique channel for connecting with the global financial system. The adjustment of the policy environment, combined with geographical and financial advantages, has made Hong Kong competitive again in the migration of Web3 capital. For more details, refer to “After Singapore's 'Eviction', Has Hong Kong Become the 'Crypto-Friendly Capital of East Asia'?”.
Regulatory Acceleration: Stablecoin Regulations Implemented, Policy Declaration 2.0 Released
In 2025, Hong Kong has been active in crypto asset regulation, with a noticeable acceleration in policy implementation.
On May 30, the Hong Kong SAR government officially published the “Stablecoin Regulation” in the gazette, announcing that the law will take effect on August 1. This marks Hong Kong as one of the first jurisdictions in the world to establish a legal regulatory framework for stablecoins. According to the regulation, only licensed institutions are allowed to sell stablecoins pegged to fiat currency in Hong Kong, and only licensed issuers are permitted to offer such products to retail investors.
The Secretary for Financial Services and the Treasury, Xu Zhengyu, stated: “After the regulation takes effect, the licensing system will provide appropriate norms for related stablecoin activities, marking a milestone in promoting the sustainable development of Hong Kong's stablecoin and digital asset ecosystem.”
The Financial Secretary of the Hong Kong SAR government, Chen Maobo, stated at the 2025 Caixin Summer Summit that Hong Kong has launched the digital asset trading platform licensing system, stablecoin licensing system, and is advancing regulatory arrangements for custody and over-the-counter trading.
On June 26, Hong Kong released the “Hong Kong Digital Asset Development Policy Declaration 2.0”, updating and continuing the support for digital assets from the first version of the declaration in 2022. The new policy proposes four core directions, including:
Establishing a clear regulatory framework, including setting up a licensing mechanism for digital asset trading service providers and digital asset custody service providers.
Promoting the tokenization of more assets, including precious metals, non-ferrous metals, renewable energy, money market funds (MMF), and government bonds as real-world assets (RWA).
Encouraging the application of digital assets in payment, settlement, and other scenarios, especially the potential of stablecoins as payment tools.
Attracting global talent in the digital asset field, promoting cooperation with international institutions and enterprises, and enhancing Hong Kong's competitiveness in the global digital asset ecosystem.
Legislative Council member Wu Jiezhuang stated that the Policy Declaration 2.0 has clear, grand, and sustainable goals, as well as specific suggestions that can help rectify past chaos in the digital asset sector and assist industry development.
From Policy Clarity to Practical Implementation: Hong Kong's Ecosystem Accelerates Formation
Compared to the establishment of paper policies, the bigger highlight in 2025 is that policies are beginning to “bear fruit.” The interaction between the government, traditional financial institutions, and Web3 companies is becoming increasingly frequent, painting a more three-dimensional picture of digital assets.
Firstly, in terms of institutional incentives, Hong Kong is working to open up the application path for tokenized assets within the real financial system. According to Caixin reports, the Hong Kong government plans to include tokenized ETFs in the stamp duty exemption, in line with the “compliance trading platform connection” emphasized in Policy Declaration 2.0, providing substantial guarantees for the secondary market liquidity of this new product. Caitong Securities has also disclosed on its platform that its subsidiary Caitong Hong Kong has obtained qualifications for virtual asset ETF client trading.
Stablecoins represent another front where policies are gradually loosening. HashKey Group Chairman Xiao Feng revealed that the stablecoin licenses issued in Hong Kong will not be limited to HKD-pegged stablecoins; other fiat currencies or multi-chain issuances (such as Ethereum, Solana, self-built chains) are also being considered. This dual openness in networks and currencies highlights Hong Kong's inclusivity in technological pathways and provides greater imaginative space for local and international projects.
Traditional Brokerages Entering the Market: Compliant Trading Channels Gradually Taking Shape
Guotai Junan announced on June 24 that it has officially received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services and related advice. After the upgrade, clients can directly trade cryptocurrencies such as Bitcoin, Ethereum, and stablecoins like Tether on its platform. Following this news, Guotai Junan's stock price surged over 150% in a single day.
Insiders revealed that many local brokerages in Hong Kong (such as Victory Securities, Aide Securities, etc.) have completed the upgrade of License No. 1, and Guotai Junan International is not the only Chinese brokerage applying for such licenses. More institutions are expected to enter the compliant crypto trading service market in the future.
The businesses conducted by these brokerages are of a “distribution” nature, not a proprietary trading exchange model, mainly providing compliant trading channels for mainstream cryptocurrencies like BTC and ETH through comprehensive accounts (Omnibus Accounts) set up at licensed exchanges, without involving high-risk altcoins.
It is reported that the virtual asset-related licenses from the Hong Kong Securities and Futures Commission include the following categories: operating virtual asset trading platforms, managing investment portfolios with over 10% in virtual assets, providing virtual asset trading services through comprehensive account arrangements, offering advice on virtual assets, and acting as an introducing agent for virtual asset trading platforms.
Tianfeng Securities stated on its interactive platform that its wholly-owned subsidiary Tianfeng International Securities and Futures Co., Ltd. has been approved by the Hong Kong Securities and Futures Commission to obtain the third category of virtual asset-related licenses, allowing it to provide virtual asset trading services through comprehensive account arrangements.
On June 21, Hong Kong Financial Secretary Chen Maobo stated at a forum that: “We embrace the development of digital assets, having issued 10 virtual asset platform licenses, with another 8 applications currently under review.” He also emphasized that Hong Kong's legal regulatory framework is accelerating its improvement, laying a long-term institutional foundation for the digital financial ecosystem.
Industry Support Policies Implemented, Web3 Startup Ecosystem Emerging
In terms of industry support, Hong Kong is also taking action. Hong Kong Cyberport announced the launch of a blockchain and digital asset pilot funding program aimed at promoting the development and testing of blockchain and Web3.0 applications. The program is currently open for applications, with a deadline of August 1, 2025. Each eligible company can apply for up to 3 pilot projects, with a maximum funding amount of 500,000 HKD per project, focusing on areas such as: RWA tokenization, payment and stablecoins, decentralized identity verification, social innovation and digital experience, and decentralized artificial intelligence/machine learning.
Professional service institutions are also beginning to systematically participate in industry planning. One of the “Big Four” accounting firms, PwC, along with industry organization Web3 Harbour, released the “Hong Kong Web3 Blueprint”, constructing a strategic framework around five dimensions: “talent, infrastructure, standards, regulation, and capital.” PwC Hong Kong partner Peter Brewin announced that five action groups will be launched in August, focusing on stablecoins, fund management, VATP platforms, compliance law, and OTC trading, aiming to promote the implementation of “Web3 industry policy + execution synergy.”
Hong Kong Financial Secretary Chen Maobo noted in his essay that as of the end of March this year, the number of registered funds in Hong Kong reached 976, with a year-on-year net inflow of over 44 billion USD, a growth of 285%. The Hong Kong Science Park and Cyberport, two flagship innovation and technology hubs, have nurtured and supported 22 listed companies and 20 unicorns. Even though the non-residential property market remains weak, some seasoned investors are buying entire buildings in Tsim Sha Tsui as gathering points for Web3 ecosystem development, seizing new developments in Web3 in Hong Kong. Web3 companies are successively leasing office spaces in Hong Kong to conduct business, and this demand is expected to continue.
Conclusion: Emerging Strategic Coordinates
Hong Kong's transformation is both a result of institutional evolution and a proactive exploration of future positioning. Whether it is the formal implementation of the stablecoin regulation, the iteration of regulatory declarations, or the gradual integration of brokerages, funds, and innovation and technology ecosystems, it shows that Hong Kong is striving to secure an irreplaceable position in the global digital asset order.
However, this reconstruction is still ongoing. There are still many variables between the market, technology, and policy that have yet to become clear. Whether Hong Kong can truly fulfill its promise as “Asia's Crypto Financial Hub” will require time, patience, and continued support for policy coordination.
At least for now, this city has sent a sufficiently clear signal: it does not want to miss this round of technological and financial order reshaping opportunities. The question left for the market is: this time, are you willing to bet on Hong Kong?
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