Author: Weilin, PANews
As stablecoins and traditional brokerages provide channels for crypto investment, the Hong Kong government has added fuel to the fire.
On June 26, the Hong Kong Special Administrative Region government released the "Hong Kong Digital Asset Development Policy Declaration 2.0," detailing measures based on the first policy declaration issued in October 2022. This new declaration focuses more on practical applications and ecosystem development, reaffirming the government's commitment to making Hong Kong a global innovation center in the digital asset field.
The "Policy Declaration 2.0" Proposes the LEAP Framework, Focusing on Four Key Directions
According to the official announcement, the "Policy Declaration 2.0" outlines the government's vision for building a trustworthy and innovation-focused digital asset ecosystem, prioritizing risk management and investor protection while aiming to bring substantial benefits to the real economy and financial markets. The new policy declaration introduces the "LEAP" framework, which includes:
Legal and Regulatory Streamlining: The government is constructing a unified and comprehensive regulatory framework for digital asset service providers, 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 for the licensing mechanism of future digital asset trading service providers and digital asset custody service providers. Meanwhile, the Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority (HKMA) will lead a comprehensive review of legislation to promote the tokenization of real-world assets and financial instruments.
Expanding the Suite of Tokenised Products: The government will regularize the issuance of tokenized government bonds and provide incentives for the tokenization of real-world assets (including clarifying stamp duty arrangements applicable to tokenized exchange-traded funds) to enhance liquidity and accessibility. On this basis, the government welcomes the future trading of related tokenized exchange-traded funds on licensed digital asset trading platforms or other platforms. The government will also promote broader asset and financial instrument tokenization, showcasing the diverse applications of this technology across different sectors, including precious metals (such as gold), non-ferrous metals, and renewable energy (such as solar panels).
Advancing Use Cases and Cross-Sectoral Collaboration: The licensing mechanism for stablecoin issuers will be implemented on August 1, helping to advance the development of practical application scenarios. At the same time, the government is committed to strengthening collaboration among regulatory bodies, law enforcement agencies, and technology providers to develop digital asset infrastructure.
Additionally, as part of the implementation support, Cyberport has announced the launch of the "Blockchain and Digital Asset Pilot Funding Scheme," which is now accepting applications. This scheme covers multiple areas, including real-world asset (RWA) tokenization, stablecoins and payment solutions, decentralized identity, Web 3.0 security, distributed artificial intelligence (AI)/machine learning (ML), and social innovation and digital experience. Each eligible pilot project can receive 80% funding, with a maximum funding amount of HKD 500,000. The application period for the scheme ends on August 1.
People and Partnership Development: The government is committed to collaborating with the industry and academia to promote talent development and position Hong Kong as an excellent center for digital asset knowledge sharing and international cooperation, including joint research programs and global regulatory collaboration. The government will establish a sustainable talent pool by nurturing a new generation of entrepreneurs, researchers, and technology experts.
The Financial Services and the Treasury Bureau and the SFC will soon conduct public consultations on the licensing mechanism for digital asset trading service providers and digital asset custody service providers.
Institutional Upgrade: Stablecoins Evolve from "Tool Currency" to "Infrastructure Currency"
Dr. Xiao Feng, Chairman and CEO of HashKey Group, provided insights to PANews regarding the "Policy Declaration 2.0." He stated that the "Policy Declaration 2.0" is not merely a continuation but represents an institutional upgrade. It systematically promotes compliance regulation, asset tokenization, scenario expansion, and talent development around the "LEAP" strategic framework. The three key changes are particularly significant:
- Stablecoins Will Be Regulated: It is clearly stated that the stablecoin licensing system will officially be implemented on August 1, 2025, making it one of the few jurisdictions globally to provide a "landing pass" for stablecoins;
- RWA Tokenization is Viewed as a Key Industry: The government is not only promoting the regular issuance of bonds but also plans to include tokenization of assets such as gold, green energy, and electric vehicle assets;
- Tokenized ETFs and Digital Asset Funds Enjoy Tax Exemptions: If future legislation is passed, tokenized ETFs will enjoy the same stamp duty exemptions and profits tax exemptions as traditional ETFs, rewriting the rules of the financial market.
At the same time, stablecoins are evolving from "tool currency" to "infrastructure currency." "Hong Kong's institutional design is clear, setting rules for stablecoin issuers regarding statutory reserve management, redemption mechanisms, and risk prudence requirements. This makes stablecoins no longer just a 'club agreement' among technologists but a currency that can be accepted by banks, cross-border settlement systems, and the public sector, possessing both statutory and technical attributes," Dr. Xiao stated.
When discussing the new policy's impact on crypto-native assets, he remarked: The industry used to be at two extremes: on one side were fully on-chain digital native assets like BTC and ETH, and on the other side was the completely traditional system. However, now, the emergence of stablecoins and RWAs has bridged the gap between the two, which is the concept of "digital twin." Its essence is the on-chain representation of real-world assets, a Web3 at the asset level. For example, rights to green electricity, warehouse receipts for cars, government bonds, gold… all measurable and proprietary data can become on-chain tradable assets.
"The underlying logic of this judgment is that we are moving from a 'multi-chain prosperity' phase to a 'main chain dominance' phase, no longer pursuing a quantity-based competition among hundreds of chains but returning to a competition based on the quality of infrastructure. Whoever can support RWAs and compliance mechanisms will win. The introduction of the new policy further confirms our observation of the Web3 industry, which will soon welcome a massive explosion in the digital twin era, and compliance is the ticket to entry," Dr. Xiao stated.**
Regarding the declaration, Gan Tian, CEO of Huaxia Fund (Hong Kong), told PANews: "This gradual and systematic development strategy will significantly enhance market operation quality, promote business innovation and market participation, and provide clearer development guidance for industry practitioners. Coupled with the 'Stablecoin Regulation' that will officially be implemented on August 1, it is expected that the Hong Kong Web3 ecosystem is ushering in new development opportunities, demonstrating strong growth momentum and driving the local ecosystem towards sustainable development."
In the past three months, there have been frequent reports regarding the implementation of stablecoins and RWA projects in Hong Kong, and the "Policy Declaration 2.0" may further boost this trend.
In March 2025, Conflux Tree Graph Chain collaborated with Ant Group to participate in China's first green energy exchange asset RWA project, promoting the application of real-world assets (RWA) in Hong Kong. On May 2, it was reported that Hong Kong-listed company OSL Group signed a memorandum of understanding (MoU) with Ant Digital Technology to establish a strategic partnership for physical asset tokenization (RWA). In June, according to the Daily Economic News, Ant International and Ant Digital Technology plan to apply for a stablecoin license in Hong Kong, while Lianlian Digital is also exploring applying for a license in Hong Kong. Xiaomi's Tianxing Bank announced a stablecoin collaboration with JD.com's JD Coin Chain Technology. In the same month, Longxin Group also stated on an interactive platform that the company collaborated with Ant Digital Technology to complete the first domestic order based on new energy physical asset RWA in Hong Kong last August, financing 9,000 charging piles operated by its aggregation charging platform New Electric Path in the form of RWA.
New Stage of Regulatory Compliance: 40 Institutions Have Upgraded Licenses
Currently, the regulation of digital asset businesses in Hong Kong is divided between the SFC and the HKMA. Virtual asset business activities are regulated by the SFC, while areas involving currency payments, such as stablecoins and digital Hong Kong dollars, are regulated by the HKMA. The Hong Kong SFC adopts the principle of "same business, same risk, same regulation" for virtual asset regulation, adding conditions and technical specifications for virtual asset business on top of traditional financial licenses.
The licenses related to the Hong Kong financial market and cryptocurrencies are mainly the upgraded licenses 1, 4, 7, and 9, where License 1: Virtual Asset Trading (Distribution) — opening accounts for clients or providing buying and selling services; License 4: Virtual Asset Investment Advisory — providing professional advice on digital assets; License 7: Automated Trading Services — operating trading platforms in conjunction with VASP licenses, forming a "dual license" system; License 9: Virtual Asset Management — managing funds with over 10% of virtual assets.
As of June 24, 2025, the following 11 virtual asset trading platforms have received formal licenses: OSL Digital Securities Limited, Hash Blockchain Limited, Hong Kong Virtual Asset Exchange Limited, Hong Kong Digital Asset Trading Group Limited, Cloud Account Greater Bay Area Technology (Hong Kong) Limited, DFX Labs Company Limited, EXIO Limited, Panthertrade (Hong Kong) Limited, YAX (Hong Kong) Limited, Bullish HK Markets Limited, Hong Kong BGE Limited.
On the evening of June 24, Cathay Pacific Haitong's Hong Kong subsidiary "Cathay Securities International" announced that it had received approval from the Hong Kong SFC to upgrade its existing securities trading license (License 1) to provide virtual asset trading services and advice. This news quickly ignited the market, with Cathay Securities International's stock soaring nearly 200% on June 25.
According to the Hong Kong SFC, there are currently a total of 40 institutions approved to provide virtual asset trading services through comprehensive accounts. In addition to the newly approved Cathay Securities International, there are Tianfeng International under Tianfeng Securities, Haifu Securities under Dongfang Caifu, Futu Securities (Hong Kong), Interactive Brokers, China Zhongqi Securities, and Zhong An Bank. Several Chinese-funded brokerages, such as Huatai International and China Merchants Securities International, are also actively applying for upgrades to virtual asset-related trading licenses.
Currently, brokerages mainly conduct "distribution" type trading services rather than operating proprietary exchanges. Specifically, their model is to set up comprehensive accounts (Omnibus Accounts) within licensed exchanges, providing clients with trading channels for mainstream compliant currencies like BTC and ETH through integrated trading systems. HashKey Exchange revealed on June 25 that its Omnibus account service has provided a package of services including virtual asset trading, custody, and settlement for over 30 licensed institutions in Hong Kong, covering 90% of licensed brokerages. In the past six months, the cumulative trading volume of the Omnibus account service has exceeded HKD 30 billion. Notably, some brokerages, such as Futu, have already obtained exchange licenses through Panthertrade and may directly use their own channels for business in the future.
Overall, the launch of the "Policy Declaration 2.0" marks significant progress in Hong Kong's digital asset development path. With an increasingly clear regulatory framework, gradual implementation of tokenized products, and active institutional participation, Hong Kong is accelerating the construction of a robust, diverse, and sustainable digital asset ecosystem. RWAs and stablecoins may become key growth areas in the next phase.
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