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Hong Kong releases Policy Declaration 2.0 to build a global digital asset innovation center.
On June 26, news came that the Government of the Hong Kong Special Administrative Region issued the "Hong Kong Digital Asset Development Policy Declaration 2.0" (referred to as "Policy Declaration 2.0"), reaffirming the government's commitment to making Hong Kong a global innovation center in the field of digital assets.
The "Policy Declaration 2.0" proposes the "LEAP" framework, which includes optimizing legal and regulatory streamlining, expanding the suite of tokenised products, advancing use cases and cross-sectoral collaboration, and people and partnership development.
The content of "Optimize Legal and Regulatory" shows that the Hong Kong government is building 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 custodial service providers.
The "Policy Declaration 2.0" clarifies that the Hong Kong Securities and Futures Commission is the primary regulatory authority for digital asset trading service providers, responsible for licensing and registration matters, setting standards, optimizing regulatory processes, and reducing potential regulatory arbitrage under different digital asset regulatory frameworks; the Hong Kong Monetary Authority will act as the frontline regulatory body for banks, overseeing their digital asset trading activities.
In the section on "Promoting Application Scenarios and Cross-Sector Cooperation," the "Policy Declaration 2.0" supports stablecoins and other tokenized projects, including exploring the use of stablecoins as a payment tool.
The "Policy Declaration 2.0" points out that stablecoins offer a cost-effective alternative outside of traditional systems and have the potential to revolutionize payments, supply chain management, and capital market activities. The Hong Kong government will implement a regulatory regime for stablecoin issuers starting August 1, 2025, establishing relevant requirements for reserve asset management, stabilization mechanisms, redemption processes, and prudent risk management.
The "Policy Declaration 2.0" shows that many enterprises involved in cross-border trade and settlement businesses have expressed strong interest in using stablecoins to reduce costs and accelerate transaction processes. To fully leverage the potential of stablecoins, the government and regulatory bodies will provide a favorable market environment and necessary regulatory guidance to promote licensed stablecoin issuers in Hong Kong to research and implement solutions to address substantial pain points in economic activities. The Hong Kong government welcomes market participants to propose suggestions on how to experiment with and use licensed stablecoins, for example, to enhance the efficiency of government payments.
In addition, Cyberport will also launch a funding program for blockchain and digital asset pilot projects, providing funding for applications that have future application potential, are iconic, and have market influence.
The following is the full text of the "Policy Declaration 2.0":
Hong Kong Digital Asset Development Policy Declaration 2.0
Vision: To build a trusted digital asset center dedicated to promoting innovation.
The Hong Kong Special Administrative Region Government is committed to building Hong Kong into a global leading digital asset center—a market that fosters innovation in a controllable risk environment, brings substantial benefits to the real economy and financial markets, and is trustworthy.
The "Hong Kong Digital Asset Development Policy Declaration 2.0" ("Policy Declaration 2.0") issued by the Financial Services and the Treasury Bureau ("FSTB") is a proactive response from Hong Kong to the continuous evolution of the global digital asset market. Adhering to the principle of "same business, same risks, same rules," the "Policy Declaration 2.0" aims to outline forward-looking strategies, empower industry development, promote inclusive finance, cultivate talent, while also safeguarding investors and maintaining financial security, thereby consolidating Hong Kong's leading position as an international financial center.
"LEAP": A step towards building a trusted, sustainable, and deeply integrated digital asset ecosystem within the real economy.
Based on the measures proposed in the first "Policy Declaration" issued in October 2022, including establishing robust regulation, launching innovative products such as Exchange-Traded Funds (ETFs) for digital asset trading, expanding investor channels by allowing retail participation, and initiating experimental projects like green bond tokenization, Hong Kong is now ready to step into the creation of a trustworthy, sustainable, and deeply integrated digital asset ecosystem within the real economy (“LEAP”). The Securities and Futures Commission (SFC) previously announced the "ASPIRe" roadmap, aimed at guiding Hong Kong's digital asset ecosystem into the future amidst a changing environment, implementing a series of measures such as adaptive compliance and product frameworks (like derivative trading) to strike a balance between investor protection and market competitiveness. The "Policy Declaration 2.0" outlines the next phase of development, focusing on enhancing liquidity in digital asset trading and promoting a more diverse supply of digital asset products to strengthen Hong Kong's position as a global digital asset hub. The government and regulatory bodies also welcome high-quality digital asset service providers from around the world to participate in the market, to promote liquidity and healthy, orderly competition.
To achieve this vision and goal of creating a digital asset ecosystem that is deeply integrated with the real economy and financial markets, and oriented towards the future, we propose a series of strategic policy directions and will implement corresponding measures. In formulating these policy directions and measures, we strive to ensure they are not constrained by current technology and that they can adapt to the future development of digital assets, while integrating into the real economy and financial systems to achieve sustainable growth. These measures are framed as "LEAP", which stands for - ("L"egal and regulatory streamlining) optimizing legal and regulatory frameworks, ("E"xpanding the suite of tokenised products) expanding the variety of tokenised products, ("A"dvancing use cases and cross-sectoral collaboration) advancing use cases and cross-departmental collaboration, and ("P"eople and partnership development) developing talent and partnerships, to create a trusted, innovative, and vibrant digital asset ecosystem that reinforces Hong Kong's leading position in the global financial landscape.
("L"egal and regulatory streamlining) Optimize laws and regulations
(a) A unified and comprehensive regulatory framework
Based on the progress made since 2022, the government will continue to collaborate with regulatory bodies and industry stakeholders to develop a comprehensive legal and regulatory framework for regulating digital assets, ensuring the sustainable and responsible development of Hong Kong's digital asset ecosystem. This system covers digital asset exchanges, stablecoin issuers, digital asset trading service providers, and digital asset custody service providers, and focuses on protecting investors and consumers. The next major step is to conduct public consultations on the licensing mechanism for digital asset trading service providers and digital asset custody service providers, to meet investors' needs for high liquidity, large transactions, and secure custody of assets. The government proposes to designate the Securities and Futures Commission as the primary regulatory body for digital asset trading service providers, responsible for licensing and registration matters, setting standards, optimizing regulatory processes, and reducing potential regulatory arbitrage under different digital asset regulatory frameworks. The Hong Kong Monetary Authority ("HKMA") will serve as the frontline regulatory authority for banks, overseeing their digital asset trading activities.
Similarly, the Securities Regulatory Commission will serve as the main regulatory body for digital asset custody service providers, responsible for licensing and registration, as well as setting standards, while the Monetary Authority will act as the frontline regulator for banks, overseeing their digital asset custody activities.
This unified and comprehensive regulatory framework will enhance market credibility, promote broader digital asset activities and large transactions, and provide clear guidance for market participants. This framework will also support effective risk management and provide liquidity, ensuring the establishment of a balanced ecosystem to foster market innovation and protect investors. Regular reviews will be conducted, and close communication with stakeholders will be maintained to ensure the framework can adapt to technological and market developments.
At the same time, Hong Kong will continue to implement international standards related to digital assets, including the International Organization of Securities Commissions' "Policy Recommendations on Crypto and Digital Asset Markets," the Financial Stability Board's "Global Regulatory Framework for Crypto Asset Activities," the Basel Committee on Banking Supervision's "Prudential Treatment of Crypto Asset Risks," and the Organisation for Economic Co-operation and Development's "Crypto Asset Reporting Framework" to promote tax transparency.
(b) Review of Tokenization Laws and Regulations
The tokenization of real-world assets and financial instruments provides opportunities for the integration of new technology with traditional finance, which can drive economic activities and innovate the structure of financial markets, thereby enhancing efficiency, reducing costs, increasing transparency, and promoting investor participation. To fully realize these potentials, clear, explicit, and convenient legal and regulatory frameworks are essential. The Financial Services and the Treasury Bureau and the Monetary Authority will lead the review of the relevant legal and regulatory frameworks, referencing international experiences and practices to promote further application of tokenization in Hong Kong. The initial review will focus on the bond market that has already passed the concept validation stage, and it is also hoped to provide references for the tokenization of other real-world assets and financial instruments. The entire process of tokenized bond issuance and trading will be comprehensively examined, including but not limited to settlement, registration, and record-keeping requirements. During the review process, the government will collaborate with legal experts and industry stakeholders to ensure that the review results and related improvement suggestions are practical and can meet future development needs, positioning Hong Kong as a leader in this innovative field.
("E"xpanding the suite of tokenised products) Expanding the variety of tokenised products
(c) Regularization of Tokenized Government Bond Issuance
The government has issued tokenized green bonds twice (with a total amount of approximately HKD 6.8 billion), proactively demonstrating the benefits of the tokenization scheme. On this basis, the government will regularize the issuance of tokenized government bonds and explore different currency and maturity arrangements, as well as other innovative options. The government expects to provide the market with stable and high-quality digital bonds through this initiative, further expanding accessibility and attracting a broader investor base. To further leverage the advantages of tokenization, the Treasury and the Monetary Authority will continue to communicate with industry experts to understand various market perspectives, including the incorporation of digital currencies to enhance trading efficiency, secondary market trading applications, and further expanding investor participation in the local bond market. The government aims to set a global benchmark by being the first to issue tokenized bonds and regularizing them, enhancing market confidence in this technology while encouraging adoption in both the public and private sectors.
(d) Provide incentives for the tokenization of real-world assets and financial assets
The tokenization of real-world assets and financial market instruments can enhance the efficiency, accessibility, and potential liquidity of the Hong Kong market. Through the HKMA's Ensemble project (where the SFC is a key partner and jointly leads the participation of the asset management industry with the HKMA), there is active encouragement for innovative application scenarios, including the tokenization of traditional financial products (such as money market funds and other funds) as well as the revenue streams of real-world assets (such as electric vehicle charging stations). The HKMA is exploring the establishment of the Ensemble infrastructure to facilitate the settlement of interbank tokenized deposits, in order to streamline processes and enhance liquidity.
The London Metal Exchange (LME) has included Hong Kong as a licensed delivery location within its global warehouse network and has approved warehouse operators in Hong Kong to store metals registered under the LME brand. To further develop the commodities trading ecosystem, the government encourages the market to apply tokenization and physical asset tracking technology in warehousing programs. Token creation technology can serve as an identification label for global warehouses, assisting in tracking metal assets and related data such as sustainability, thus promoting Hong Kong's further integration into the global warehouse network.
The government will intensify efforts to expand tokenization schemes, promoting the tokenization of a wider range of assets and financial instruments, 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).
Currently, all exchange-traded funds (ETFs) listed on the Hong Kong Stock Exchange are exempt from stamp duty when transferred. To promote the development of the tokenization market, the government will clarify that this stamp duty exemption also applies to tokenized ETFs. Based on this exemption, the government welcomes market participants to explore the advantages of tokenizing ETFs, such as money market ETFs, including introducing them for secondary market trading on licensed digital asset trading platforms or other platforms. Looking forward, the government will maintain an open attitude, considering factors such as fiscal impact and market development, to review the tax arrangements for the transfer of other Securities and Futures Commission recognized funds after tokenization.
The government will submit legislative proposals that will include specified digital assets in qualified transactions for private placement funds and family investment control tools that are eligible for profit tax exemptions. If the proposal is approved by the Legislative Council, the tax exemption will take effect from the 2025/2026 tax year.
(“A”dvancing use cases and cross-sectoral collaboration) Promoting application scenarios and inter-departmental cooperation
(e) Support stablecoins and other tokenized projects, including exploring the use of stablecoins as a payment tool.
Stablecoins provide a cost-effective alternative outside traditional systems, with the potential to revolutionize payments, supply chain management, and capital market activities. The government will implement a regulatory regime for stablecoin issuers starting from August 1, 2025. This regime sets proper requirements for reserve asset management, stabilization mechanisms, redemption processes, and prudent risk management, serving as the cornerstone for achieving the aforementioned vision. These regulatory requirements help ensure the stability and credibility of stablecoin issuance, enhancing their reliability for use both locally and internationally. Many enterprises engaged in cross-border trade and settlement have expressed strong interest in using stablecoins to reduce costs and expedite transaction processes. To fully leverage the potential of stablecoins, the government and regulatory bodies will provide a favorable market environment and necessary regulatory guidance to promote research and implementation of licensed stablecoin issuers in Hong Kong across various application scenarios, addressing substantial pain points in economic activities. To demonstrate the government's support and take the lead, market participants are encouraged to suggest how the government can experiment with and utilize licensed stablecoins, such as enhancing the efficiency of government payments.
(f) Promote cooperation among regulatory agencies, law enforcement agencies, and technology providers
As a digital technology incubator in Hong Kong, Cyberport has been actively supporting tokenization projects in Hong Kong and has created a thriving environment for startups to explore innovative financial technology solutions through collaboration with the Monetary Authority on the Ensemble project. To further support the development of tokenization projects, Cyberport will collaborate with relevant stakeholders in the digital asset industry, utilizing its incubation ecosystem to provide support, including business matching opportunities, technical support, industry expert guidance, and participation in accelerator programs related to digital assets and Web3. Startups and companies engaged in tokenization solutions will benefit from dedicated resources that enable them to experiment with innovative ideas and commercialize them. Cyberport will also launch a pilot funding program for blockchain and digital assets, providing funding for applications with future application potential, iconic status, and market impact. In addition to funding, Cyberport will also assist these companies and coordinate with relevant stakeholders to support the implementation of pilot projects as needed.
The dedicated team of the Invest Hong Kong welcomes and is ready to support digital asset service providers in establishing and expanding their businesses in Hong Kong. Among the various forms of support available, the Invest Hong Kong can connect potential digital asset service providers with banks and various professional and support services, and facilitate their business establishment.
Hong Kong Exchanges and Clearing Limited has developed the first digital asset index in Hong Kong, providing investors with a transparent and reliable benchmark for Bitcoin and Ethereum prices within the Asian time zone, to support Hong Kong's development as a leading digital asset hub in Asia.
To maintain market integrity and enhance trust in the digital asset system, the government will encourage the development of digital asset infrastructure, including but not limited to various regulatory technology, cybersecurity, and monitoring solutions with local experience and in-depth regional expertise. These tools will strengthen Hong Kong's regulatory framework and capabilities, promoting the secure and sustainable development of digital assets. The government will promote collaboration among technology providers, regulatory agencies, and law enforcement agencies to optimize these solutions, ensuring they meet the specific needs of Hong Kong's digital asset ecosystem.
(“P”eople and partnership development) Talent and Partner Development
(g) Collaborate with market participants and universities to promote talent development
The government will continue to encourage training and talent development in the digital asset industry, with a particular focus on blockchain applications, artificial intelligence integration, and digital asset innovation, to nurture local talent, attract global digital asset professionals to Hong Kong, and support the development of startups and financial institutions. The first talent list published in 2018 has included fintech professionals, including digital asset specialists from around the world. Next, Cyberport will assist the government in achieving this goal through its measures related to Web3, blockchain, and artificial intelligence technology training, thereby creating a stable reserve of professional talent, continuously driving innovation, and contributing to the local digital asset industry. These measures include experience-sharing sessions and collaborations with global digital asset companies to provide cutting-edge knowledge for the talent pool.
(h) Position Hong Kong as a center of excellence for knowledge sharing and promote cooperation with other jurisdictions.
The government will promote strategic cooperation between universities and the industry, connecting academic research with practical applications in the field of digital assets. Collaborative research programs will focus on developing new blockchain applications, tokenization frameworks, monitoring, and AI-driven financial tools. By involving students in digital asset projects, these collaborations will cultivate a new generation of entrepreneurs, researchers, and technical experts, ensuring the continuous flow of creativity and expertise. By combining academic achievements with industrial needs, a sustainable talent pool will be established in Hong Kong to support the goals in the development of digital assets.
The government will strengthen cooperation between regulatory agencies and law enforcement agencies, and coordinate the work of local regulatory agencies and law enforcement agencies to support the development of a transparent, secure, and resilient digital asset market. The government will also support and participate in international cooperation with regulatory agencies, including through relevant international organizations and establishing memoranda of understanding with regulatory agencies and other government agencies in other jurisdictions to achieve information sharing and regulatory cooperation in the digital asset field. At the same time, the government will ensure cooperation between departments through existing high-level internal mechanisms.
Summary: A future of integrated innovation, confidence, and opportunities
The "Policy Statement 2.0" represents Hong Kong's determination to become a global leader in the digital asset space ("LEAP"). Through a unified regulatory framework, legal and regulatory reviews, the regularization of tokenized government bond issuance, the tokenization of real-world assets and financial products, the promotion of stablecoin application scenarios, enhanced cooperation in regulatory matters, and the promotion of international collaboration, the government is laying the foundation for further innovation and market development. Combined with a thriving ecosystem supported by training and project assistance, collaboration between universities and the industry, and digital asset infrastructure, Hong Kong will create significant benefits for the global real economy and financial markets. With the joint efforts of regulatory bodies, the industry, and society, a future that integrates innovation, confidence, and opportunities will be built, leading Hong Kong to new heights in the global digital asset landscape.
The Financial Services and the Treasury Bureau of the Government of the Hong Kong Special Administrative Region June 26, 2025 #BTC再创新高#