Hong Kong Special Administrative Region unveiled its Digital Asset Development Policy Declaration 2.0 on June 26, reinforcing its ambition to establish the city as a global digital asset hub. The declaration outlines strategic frameworks to foster innovation while maintaining controlled risks, aiming to deliver tangible benefits to real-world economies and financial markets.
Key Strategic Directions: The LEAP Framework
Legal & Regulatory Streamlining
- Proposed licensing mechanisms for digital asset trading and custody service providers
- Securities and Futures Commission (SFC) to oversee trading platforms
- Hong Kong Monetary Authority (HKMA) to regulate bank-related digital asset activities
Expanding Tokenized Products
- Government bonds to be tokenized routinely
- Exploration of multi-currency and maturity options
- Tax exemptions extended to tokenized ETFs
Advancing Cross-Sector Collaboration
- Stablecoin applications for payments and trade settlements
- Pilot funding for blockchain projects via Cyberport
Talent & Partnership Development
- Investment Promotion Unit to assist digital asset firms in establishing local operations
Competitive Edge Against Singapore
👉 Why Hong Kong is outpacing Singapore in Web3 leadership
- Regulatory Clarity: Hong Kong’s structured approach contrasts with Singapore’s restrictive policies limiting unlicensed operations.
- Market Depth: Only 33 licensed firms operate in Singapore, half with limited global competitiveness.
- Economic Integration: Hong Kong’s policies emphasize merging digital assets with traditional finance, unlike Singapore’s post-FTX caution.
Tokenization & Real-World Assets (RWA)
- Government Bonds: Regular issuance of tokenized bonds to enhance liquidity.
- ETF Expansion: Clarified stamp duty exemptions for tokenized ETFs to attract institutional players.
- RWA Inclusion: Gold, green energy, and electric vehicle assets under consideration for tokenization.
FAQs
Q: How does Hong Kong’s stablecoin regulation compare globally?
A: From August 2025, Hong Kong will implement a licensing regime for stablecoins, positioning itself as a pioneer in legitimizing their use for trade and跨境 payments.
Q: What tax benefits do tokenized assets receive?
A: Tokenized ETFs and digital asset funds enjoy利得税 exemptions effective 2025/2026, matching traditional financial instruments.
Q: How is Hong Kong addressing Web3 talent shortages?
A: Cyberport’s blockchain pilot fund and streamlined visa policies actively recruit global Web3 professionals.
Conclusion
Hong Kong’s Declaration 2.0 signals a 3–5 year roadmap to become Asia’s digital asset benchmark, blending regulatory rigor with market innovation. By institutionalizing代币化 and aligning with global standards, the city aims to redefine金融基础设施—a "Hong Kong Solution" for the数字经济 era.