The Hong Kong government has unveiled the Hong Kong Digital Asset Development Policy Declaration 2.0, adopting the "LEAP" framework to advance legal oversight, tokenized products, real-world applications, and talent collaboration. This strategic move solidifies Hong Kong's ambition to become a global digital asset center.
Key Upgrades in Policy & Regulation
Strengthened Legal Foundations ("L")
- Establishes a unified regulatory framework for digital asset service providers, covering exchanges, stablecoin issuers, custodians, and trading services.
- The Securities and Futures Commission (SFC) will serve as the primary licensing authority.
- Aligns with international standards (IOSCO and Financial Stability Board guidelines) while promoting RWA tokenization and bond digitization.
👉 Explore how Hong Kong's regulations compare globally
Tokenization Goes Mainstream ("E")
- Tokenized government bonds will transition from pilot projects to regular issuance.
- Clarifies stamp duty policies for tokenized ETFs and secondary market trading.
- Encourages tokenization of diverse assets (e.g., gold, renewable energy rights, EV charging stations) to enhance settlement efficiency.
Cross-Sector Applications & Partnerships ("A" & "P")
- Stablecoin licensing launches August 1, 2025, with proposals invited for public/private use cases.
- Cyberport initiates a blockchain grant program to support high-impact projects.
- Collaborates with academia and global partners to cultivate blockchain talent.
Leadership Perspectives
Financial Secretary Paul Chan stated:
"Digital assets are pivotal to fintech. This declaration balances innovation with prudent regulation, linking the ecosystem to the real economy."
Secretary for Financial Services Christopher Hui added:
"Hong Kong’s new framework positions us at the forefront of digital transformation, offering clarity to enterprises and investors."
Next Steps
- Public consultations on trading/custody licensing to follow.
- Details on risk-controlled innovation to be released incrementally.
This policy marks Hong Kong’s accelerated embrace of blockchain technology, serving as a gateway for global players into Asia’s digital asset market.
FAQ Section
Q: What is the LEAP framework?
A: It’s Hong Kong’s four-pillar strategy: Legal, Expansion (tokenization), Applications, and Partnerships.
Q: When can companies apply for stablecoin licenses?
A: The application window opens August 1, 2025.
Q: How does Hong Kong’s approach differ from the US?
A: Hong Kong emphasizes B2B solutions and RWA integration, while the US focuses on consumer-facing stablecoins.