On September 17, 2025, Hong Kong SAR Chief Executive John Lee injected a boost into the development of digital finance in Hong Kong in his fourth policy address during his tenure. He not only clearly stated that Hong Kong is implementing a stablecoin issuer regime and has formulated legislative proposals for the licensing system of digital asset trading and custody services, but also made a significant announcement to promote Hong Kong as an international gold trading market, expand gold storage, and "assist issuers in issuing gold funds and tokenized gold investment products." This series of measures, combined with the Hong Kong Monetary Authority's push for commercial banks to launch tokenized deposits, the normalization of government bond issuance, and the Hong Kong Securities and Futures Commission's research on expanding the types of digital asset products, collectively outlines a grand blueprint for Hong Kong to consolidate its position as Asia's digital financial center in the Web3 era.
- John Lee's Policy Address: A Clear Roadmap for Digital Finance Development
The policy address by Hong Kong SAR Chief Executive John Lee points out the direction for the future development of digital finance in Hong Kong, with stablecoins, tokenized assets, and digital asset trading becoming core keywords.
Implementing the Stablecoin Issuer Regime: John Lee clearly stated that Hong Kong is implementing a stablecoin issuer regime and has formulated legislative proposals for the licensing system of digital asset trading and custody services. This means that Hong Kong will provide a clear legal framework for the issuance and trading of stablecoins, attracting more compliant institutions to enter the market.
Promoting Tokenized Deposits and Asset Trading: The Hong Kong Monetary Authority will promote commercial banks to launch tokenized deposits and facilitate the trading of real tokenized assets. For example, settling tokenized money market funds with tokenized deposits, assisting the government in normalizing the issuance of tokenized bonds, and encouraging banks to strengthen risk management through regulatory sandboxes. This indicates that RWA (Real World Assets) tokenization will gain broader application in Hong Kong.
Expanding Digital Asset Products and Services: The Hong Kong Securities and Futures Commission is studying the expansion of the types of digital asset products and services available to professional investors, while fully protecting investors. This will provide professional investors with more diversified digital asset investment options.
Combating Cross-Border Tax Evasion: At the same time, Hong Kong will strengthen international tax cooperation to combat cross-border tax evasion, ensuring the healthy and orderly development of the digital asset market.
- New Gold Play: Tokenized Gold Investment Products Lead the Trend
In the policy address, John Lee particularly emphasized the development of the gold market and combined it with tokenization technology, bringing new ways to invest in gold.
Promoting the International Gold Trading Market: Hong Kong will promote itself as an international gold trading market, expanding gold storage, with a goal of building a regional gold reserve hub that surpasses 2,000 tons in three years.
Enriching Gold Investment Tools: Hong Kong will enrich gold investment tools and assist issuers in issuing gold funds and tokenized gold investment products. This means that investors will be able to invest in gold more conveniently and efficiently through tokenization, breaking the barriers and limitations of traditional gold investment.
This initiative aligns with the World Gold Council's recent plan to launch "digital gold," indicating that this ancient safe-haven asset will rejuvenate in the Web3 era.
- Thriving Web3 Ecosystem: Tech Giants and Traditional Finance Dance Together
With the active promotion of the Hong Kong government, the Web3 ecosystem in Hong Kong is thriving, attracting active participation from tech giants and traditional financial institutions.
Tech Giants Accelerate Layout: On September 17, news broke that Hong Kong-listed company Qianxun Technology announced it would acquire 100% of the Web3 fintech company Punk Code for no more than HKD 25 million. The founding team of Punk Code mainly comes from Tencent and participated in the establishment of Tencent's Hong Kong virtual bank, Fusion Bank, in 2020, exploring blockchain finance, digital assets, and other scenarios.
Digital Asset Management Platform Takes Action: On September 17, Hong Kong's first listed digital asset custodian platform, New Fire Technology Holdings Limited (1611.HK), announced a strategic partnership with Boyaa Interactive International Limited (0434.HK) to jointly explore opportunities for Web3 ecosystem development. New Fire Technology will provide Boyaa Interactive with a digital asset compliance management plan to support its Web3 gaming ecosystem development. It is reported that Boyaa Interactive has been laying out its Web3 strategy since 2023 and, as of late August 2025, held approximately 3,670 bitcoins, spending about HKD 219 million this week to purchase a total of approximately 245 bitcoins.
Exploring RWA and Carbon Markets: On September 14, Hong Kong Financial Secretary Paul Chan stated that the Monetary Authority is exploring how tokenization can improve the issuance and trading of carbon credits through the Ensemble sandbox project to enhance the liquidity and depth of the carbon market. This indicates that Hong Kong's exploration in the RWA field has extended to green finance and carbon markets.
- Consolidating the Position as Asia's Digital Financial Center: Hong Kong's Strategic Ambition
John Lee's policy address is not only a concrete plan for the development of digital finance in Hong Kong but also a strategic ambition to consolidate its position as Asia's digital financial center.
Optimizing Legal and Regulatory Framework: Hong Kong is committed to creating a digital asset development environment that balances regulatory compliance and technological innovation by optimizing its legal and regulatory framework.
Attracting Global Capital and Talent: Clear regulatory policies and a rich array of digital asset products will attract global capital and talent to converge in Hong Kong, promoting the prosperity of the digital finance ecosystem.
Connecting Traditional and Digital Finance: Hong Kong aims to become a bridge connecting traditional finance and digital finance, bringing traditional assets into the Web3 world through tokenization, enhancing the efficiency and liquidity of financial markets.
Conclusion:
The policy address by Hong Kong SAR Chief Executive John Lee outlines a clear and grand blueprint for the development of digital finance in Hong Kong in the Web3 era. Implementing the stablecoin issuer regime, promoting tokenized gold investment products, expanding digital asset trading and custody services, and actively exploring RWA and carbon markets all demonstrate Hong Kong's firm determination and innovative spirit in the field of digital finance. With the gradual implementation of these policies, Hong Kong is expected to play an increasingly important role in the global digital finance landscape, consolidating its position as Asia's digital financial center and contributing unique "Hong Kong wisdom" to the development of global Web3.
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Original: “Hong Kong Implements Stablecoin Issuer Regime, Promotes Tokenized Gold Investment Products”
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