The Government of the Hong Kong Special Administrative Region released the "Hong Kong Digital Asset Development Policy Declaration 2.0" (hereinafter referred to as "Policy Declaration 2.0") on June 26, reaffirming its firm commitment to making Hong Kong a global innovation center in the digital asset field. Building on the first policy declaration issued in October 2022, the "Policy Declaration 2.0" proposes the "LEAP" framework, focusing on optimizing legal and regulatory aspects, expanding the variety of tokenized products, advancing application scenarios and cross-sector collaboration, as well as talent and partnership development, aiming to create a trustworthy, sustainable digital asset ecosystem deeply integrated with the real economy.
"LEAP" Framework: Promoting Digital Asset Innovation and Integration with the Real Economy
The "Policy Declaration 2.0" clearly outlines Hong Kong's strategic direction in the digital asset field through the "LEAP" framework (Legal and regulatory streamlining, Expanding the suite of tokenized products, Advancing use cases and cross-sectoral collaboration, People and partnership development), balancing innovation with risk management and providing a clear development roadmap for businesses and investors. The following are the four key focuses of the framework:
Optimizing Legal and Regulatory (Legal and Regulatory Streamlining)
To ensure the robust development of the digital asset market, the Hong Kong government is committed to establishing a unified and comprehensive regulatory framework covering digital asset trading platforms, stablecoin issuers, digital asset trading service providers, and digital asset custody service providers. The Securities and Futures Commission (SFC) will serve as the main regulatory body, responsible for developing the licensing mechanism for digital asset trading service providers and custody service providers, and will soon initiate public consultations.
Additionally, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) will lead a comprehensive review of existing legislation to facilitate the tokenization of real-world assets and financial instruments. The review will include, but not be limited to, the settlement, registration, and record-keeping requirements for tokenized bond issuance and trading, aiming to provide clear legal guidance for market participants, reduce compliance costs, and protect investor rights.
Expanding the Suite of Tokenized Products (Expanding the Suite of Tokenised Products)
The Hong Kong government plans to promote the tokenization of real-world assets by regularizing the issuance of tokenized government bonds and providing incentives (such as clarifying the stamp duty arrangements for tokenized exchange-traded funds), enhancing market liquidity and accessibility. In the future, tokenized exchange-traded funds are expected to be traded in the secondary market through licensed digital asset trading platforms or other platforms.
In addition to financial instruments, the government will also encourage broader asset tokenization, covering diverse areas such as precious metals (like gold), non-ferrous metals, and renewable energy (like solar panels), showcasing the application potential of blockchain technology across different industries. This initiative will further enrich the variety of products in Hong Kong's digital asset market, attracting more institutional and retail investors to participate.
Advancing Use Cases and Cross-Sectoral Collaboration (Advancing Use Cases and Cross-Sectoral Collaboration)
To promote the practical application of digital assets, Hong Kong will implement a licensing mechanism for stablecoin issuers on August 1, 2025, providing regulatory support for the use of stablecoins in payments, supply chain management, and capital markets. The government welcomes market participants to propose innovative suggestions for using licensed stablecoins to explore more application scenarios.
At the same time, the government will strengthen collaboration among regulatory agencies, law enforcement, and technology providers to jointly develop digital asset infrastructure. The pilot funding program for blockchain and digital assets launched by Cyberport will provide funding of up to HKD 500,000 for projects with future potential, significance, and market impact, with the application deadline set for August 1, 2025, encouraging companies to test blockchain and Web 3.0 applications.
People and Partnership Development (People and Partnership Development)
To ensure the sustainable development of the digital asset ecosystem, the Hong Kong government will collaborate with industry and academia to cultivate a new generation of entrepreneurs, researchers, and technology experts, establishing a sustainable talent pool. Hong Kong aims to position itself as an excellent center for digital asset knowledge sharing and international cooperation, promoting technological innovation and experience exchange through joint research programs and global regulatory collaboration. This initiative will solidify Hong Kong's leadership position in the global digital asset field.
Leadership Vision and Hong Kong's Unique Advantages
Financial Secretary Paul Chan stated, "Digital assets are an important component of financial technology, and blockchain technology enables efficient, low-cost financial transactions, making financial services more inclusive. The 'Policy Declaration 2.0' demonstrates our vision for the development of digital assets, promoting the diversification of tokenization application scenarios through practice, combining prudent regulation with market innovation, and building a digital asset ecosystem closely integrated with the real economy and social life, bringing substantial benefits to Hong Kong's economy and society while consolidating its position as an international financial center."
Secretary for Financial Services and the Treasury Christopher Hui added, "Hong Kong's unique advantages put us in a prime position to lead the traditional finance sector into the digital asset era. The 'LEAP' framework in the 'Policy Declaration 2.0' provides a clear roadmap for market participants, ensuring that Hong Kong remains competitive at the forefront of digital transformation and builds a trustworthy, sustainable digital asset market."
Hong Kong's Global Leadership in Digital Assets
The "Policy Declaration 2.0" continues Hong Kong's proactive policies in the digital asset field since 2022. Since the implementation of the Virtual Asset Trading Platform (VATP) licensing system in June 2023, Hong Kong has granted licenses to several platforms, such as HKVAX, ensuring market transparency and investor protection. The "Stablecoin Ordinance," passed in May 2025, further enhances the regulatory framework, set to take effect on August 1, providing clear regulatory guidance for fiat-backed stablecoins.
Through the "LEAP" framework, Hong Kong is not only committed to local market innovation but also actively participates in global regulatory collaboration, attracting over 80 virtual asset-related companies expressing interest in establishing operations in Hong Kong. Cyberport's funding program and the SFC's licensing mechanism reforms will further lower market entry barriers, attracting more innovative companies to Hong Kong.
Conclusion
The "Hong Kong Digital Asset Development Policy Declaration 2.0" showcases Hong Kong's ambition and foresight in the digital asset field through the "LEAP" framework. With a prudent regulatory environment, diverse application scenarios, and strong talent support, Hong Kong is moving towards a leading position as a global digital asset innovation center, injecting new momentum into the real economy while consolidating its unique advantages as an international financial center.
Disclaimer: This article is based on publicly available information and is intended for informational reference only, not constituting investment advice.
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