The latest digital asset blueprint for the Hong Kong region places stablecoin regulation and asset tokenization at the core of its strategy to become a global hub for cryptocurrency and fintech.
A policy statement released on Thursday introduced a framework called "LEAP," which focuses on legal clarity, ecosystem expansion, practical applications, and talent development. This framework is a further development based on the government's first policy statement from October 2022.
As part of the new framework, the government will implement a licensing system for stablecoin issuers starting August 1, noting that "this will facilitate the development of practical application scenarios."
The Securities and Futures Commission (SFC) will be responsible for regulating the licensing of digital asset (DA) trading and custody service providers, while the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority will lead the legal review process to support the tokenization of real-world assets (RWAs).
The government also plans to "regulate the issuance of tokenized government bonds" and promote such products by clarifying the stamp duty treatment for tokenized ETFs.
The policy statement indicated: "Based on this, the government welcomes secondary market trading of these tokenized ETFs introduced on licensed digital asset trading platforms or through other channels."
In addition to bonds and funds, the government expressed its goal to incentivize tokenization in a broader range of sectors, including metals and renewable energy assets, showcasing "the versatility of this technology across multiple fields such as precious metals (like gold) and solar panels."
The policy also includes new measures to promote innovation, such as the Cyberport funding program, which aims to support outstanding blockchain and digital asset projects.
Financial Secretary Paul Chan noted in a statement that the new framework "demonstrates the practical applications of tokenization," aiming to "build a more prosperous digital asset ecosystem that integrates the real economy with social life."
The government stated that it will soon launch a public consultation on the new licensing system.
Earlier this month, Hong Kong's financial authorities indicated they are preparing to introduce digital asset derivatives trading for professional investors.
This plan follows recent approvals for spot crypto ETFs, futures products, and staking services, including the approval of HashKey to provide staking services in April, as the city gradually positions itself as a leading digital financial center.
In May, the Hong Kong Legislative Council passed the "Stablecoin Bill," paving the way for a regulatory framework that could make the region a global leader in digital asset and Web3 development.
Related: Analyst: Michael Saylor's strategy has a 91% probability of qualifying for the S&P 500 in the second quarter.
Original: “Hong Kong Reveals New Stablecoin Rules and Tokenization Bond Plans”
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