Hong Kong's digital asset development enters a new phase: policy upgrades focus on stablecoins and RWAs, with multiple institutions actively positioning themselves.

The Hong Kong Special Administrative Region government recently released the "Hong Kong Digital Asset Development Policy Declaration 2.0," further refining deployment and implementation measures based on the first policy declaration issued in October 2022. The new policy places greater emphasis on practical applications and ecosystem construction, reiterating Hong Kong's commitment to becoming a global digital asset innovation center.

"LEAP" Framework: Four Key Directions

The "Policy Declaration 2.0" proposes the "LEAP" framework, focusing on four core directions:

1. Optimize legal and regulatory frameworks: Establish a unified and comprehensive regulatory framework for digital asset service providers, covering areas such as trading platforms, stablecoin issuance, trading services, and custody services. The Securities Regulatory Commission will become the main regulatory authority responsible for licensing matters.

2. Expand the variety of tokenized products: Promote the regularization of government bond tokenization and provide incentives for the tokenization of real-world assets. Support the trading of tokenized exchange-traded funds in the secondary market and promote the application of asset and financial instrument tokenization in fields such as precious metals, non-ferrous metals, and renewable energy.

3. Promote application scenarios and cross-sector cooperation: The stablecoin issuer licensing mechanism will be implemented on August 1, which will help promote the development of actual application scenarios. Strengthen cooperation among regulatory agencies, law enforcement departments, and technology providers to develop digital asset infrastructure.

4. Talent and Partner Development: Collaborate with industry and academia to promote talent cultivation, positioning Hong Kong as a center for digital asset knowledge sharing and international cooperation. By nurturing a new generation of entrepreneurs, researchers, and technical experts, establish a sustainable talent pool.

System Upgrade: Stablecoins and RWA Become the Focus

The new policy marks a systemic upgrade in the regulation of digital assets in Hong Kong, mainly reflected in the following aspects:

1. Stablecoins are brought under regulation: The stablecoin licensing system will be officially implemented on August 1, 2025, providing a clear regulatory framework for stablecoins.

2. RWA tokenization becomes a key industry: The government promotes the normalization of bond issuance and plans to include gold, green energy, electric vehicle assets, and more into the scope of tokenization.

3. Tax incentives: Tokenized ETFs and digital asset funds are expected to enjoy stamp duty exemptions and capital gains tax exemptions equivalent to those of traditional ETFs.

These measures will promote the evolution of stablecoins from "tool currency" to "infrastructure currency," providing a more solid foundation for the digital asset market.

Institutions Actively Positioning: Over 40 Approved for License Upgrades

Currently, 11 virtual asset trading platforms in Hong Kong have obtained formal licenses. In addition, according to the Hong Kong Securities and Futures Commission, a total of 40 institutions have been approved to provide virtual asset trading services through integrated accounts. These institutions include Guotai Junan International, Tianfeng International, Haifu Securities, Futu Securities (Hong Kong), among others. Several Chinese-funded brokerages are also actively applying to upgrade their virtual asset-related trading licenses.

Brokerages mainly engage in "distribution"-type trading services by establishing comprehensive accounts at licensed exchanges, providing clients with trading channels for mainstream compliant coins. A certain trading platform revealed that its comprehensive account services have provided virtual asset trading, custody, and settlement services for over 30 licensed institutions in Hong Kong, covering 90% of licensed brokerages in Hong Kong.

The introduction of "Policy Declaration 2.0" marks an important progress for Hong Kong in the development of digital assets. With the regulatory framework becoming increasingly clear, tokenized products gradually being implemented, and institutions actively entering the market, Hong Kong is accelerating the construction of a robust, diversified, and sustainable digital asset ecosystem. It is expected that RWA and stablecoins will become key growth areas in the next phase.