The era has chosen Hong Kong, and Hong Kong has chosen Web3.

On July 1, 2025, Hong Kong will celebrate its 28th anniversary of returning to China. From the Pearl of the Orient to an international financial center, this city has always been at the forefront of global institutional convergence and capital flow. Today, Hong Kong is embarking on a new journey: using Web3 as the underlying technological paradigm, with digital assets as the financial core, and redefining the connotation of "financial center" with a global perspective and policy advantages.

When we talk about "Hong Kong's Web3 path," it is never just an industrial upgrade, but an extension of the national strategy of "leading high-quality development through technological innovation," a historic leap in the deep integration of technological revolution and financial civilization.

From the establishment of a financial free port, to the release of the virtual asset policy declaration in 2022, and the upcoming release of the "Hong Kong Digital Asset Development Policy Declaration 2.0" (Policy Declaration 2.0) in 2025—this city has consistently responded to the uncertainties of the industry with the certainty of its policies.

Policy Declaration 2.0 is not merely about "strengthening regulation," but rather a systematic upgrade around the "LEAP" strategic framework: LEAP stands for Legal (compliance with laws), Expanding (asset tokenization expansion), Advancing (application scenario expansion), and People (talent development), reflecting Hong Kong's comprehensive layout and long-term planning in the field of digital assets.

• Clear regulation of stablecoins, with a stablecoin licensing system set to be officially implemented on August 1, 2025, creating a global leading precedent;

• RWA tokenization has been designated as a key industry, promoting the normalization of bond issuance and planning to include gold, green energy, and electric vehicle assets in the tokenization scope;

• Tokenized ETFs and digital asset funds will enjoy exemptions from stamp duty and profits tax, further enhancing tax competitiveness;

• The number of digital asset trading platform licenses will increase to 11, with gradual opening of derivatives and leveraged financing channels;

• Promoting talent development, Cyberport's innovation fund collaborates with universities to establish a Web3 talent ecosystem.

Behind all this is a high confidence in the compatibility and openness of Hong Kong's financial system, as well as a strategic choice to use Hong Kong as a "stronghold" in the international financial game.

Technological Habitat, Capital Gateway, New Boundaries of Trust

The development of Web3 is not only a technological iteration but also a fundamental reshaping of the paradigms of efficiency and trust. In an era filled with anxiety and anticipation for a new generation of financial infrastructure, Hong Kong has chosen a pragmatic and visionary path: neither blindly chasing trends nor remaining stagnant.

The so-called "technological habitat" refers not only to the landing and testing of underlying technologies like blockchain in Hong Kong but also to the empowerment of regulatory systems and financial scenarios, allowing it to truly step out of the ivory tower of "code" and "white papers." Today, mechanisms such as on-chain asset issuance, on-chain clearing, and on-chain identity verification have blossomed in multiple locations in Hong Kong, becoming public products in reality rather than isolated technological demonstrations.

"Capital gateway" means that Hong Kong continues to play its role as a hub for offshore RMB and global capital markets, but more importantly, it can bridge the systems that "were not originally interconnected" between traditional finance and Web3. A family office leader once commented: "In Hong Kong, digital assets can finally be allocated in combination like funds and bonds."

As for "new boundaries of trust," this is not an abstract concept but a reality being constructed by law, technology, and institutions. The immutability of on-chain transaction records, the verifiability of audit mechanisms, and the collaborative advancement of KYC and AML frameworks have rebuilt a trust system in Web3 that can be recognized by institutions. To some extent, Hong Kong has transformed "compliance" from a constraint into an accelerator.

In this innovative practice, Hong Kong has also seen the emergence of leading enterprises represented by HashKey, actively participating in and leading industrial transformation. Recently, HashKey, in collaboration with traditional financial institution GF Securities, launched Hong Kong's first on-chain securities product, GF Token, which saw a trading volume exceeding HKD 200 million on its first day. Its licensed virtual asset exchange, HashKey Exchange, offers an Omnibus account service that covers 90% of licensed brokers in Hong Kong, significantly lowering the threshold for institutional participation.

The "Hong Kong Question" in the New Global Order

Against the backdrop of a renewed game between the dollar system and technological capital, China urgently needs a new financial space that connects global resources, promotes the evolution of digital asset systems, and undertakes pilot missions. Hong Kong stands firmly at the intersection of this global reshaping.

The introduction of Web3 policies is not coincidental but a necessary result of the era's choices, supported by profound economic and technological logic:

• Although capital markets have not yet migrated en masse to on-chain, the efficiency of on-chain asset circulation has significantly improved. For example, on-chain settlement time has been reduced from the traditional T+2 to seconds, and transaction costs have decreased by over 80%;

• The global fiat currency system continues to face pressure, with the average number of interest rate hikes by major central banks reaching a recent high in 2024, further driving the institutional demand for stablecoins as "technological currencies";

• The integration of artificial intelligence and blockchain is profoundly changing the underlying structure of finance, with on-chain credit, on-chain identity, and on-chain transaction logic constructing a new trust framework;

• The financial cognitive structure of the younger generation is changing, with trust shifting from licensed institutions to on-chain consensus mechanisms, promoting the rapid growth of a new financial system.

In this context, Hong Kong is accelerating its transformation into a global digital asset hub, leveraging the policy innovation space provided by "one country, two systems," the trust foundation accumulated as an international financial center, and the Web3 Policy 2.0 as an engine.

Hong Kong's role is no longer just a "regulatory testing ground," but a gathering port for global Web3 strategic resources, a two-way channel linking traditional finance and decentralized finance (DeFi) in Asia, and a regulatory coordinate for the compliance landing of RWA and stablecoins.

It can be said that in an era where on-chain efficiency continues to improve and the tide of digital asset institutionalization is approaching, Hong Kong is bound to play a leading role in the new global financial order.

Conclusion | The Era Has Chosen Hong Kong, and Hong Kong Has Chosen Web3

2025 is a critical juncture for Hong Kong to restart with digital sovereignty and institutional innovation. Web3 is not only a technological revolution but also a strategic anchor that Hong Kong has actively found in global governance, financial competition, and the reconstruction of technological paradigms. We are witnessing a new decade of the digital economy belonging to Hong Kong, China, and even the world.

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