Hong Kong Digital Asset Policy Upgrade: Stablecoins and RWAs Become the Focus, Multiple Institutions Actively Layout

The Hong Kong SAR government recently released the "Hong Kong Digital Asset Development Policy Declaration 2.0". This document further refines specific measures based on the first policy declaration released in October 2022, placing greater emphasis on practical applications and ecosystem development. The government reiterated its determination to transform Hong Kong into a global innovation center for digital assets.

The new policy proposes the "LEAP" framework, focusing on four key directions:

1. Optimize laws and regulations: Build a comprehensive regulatory framework for digital asset service providers, covering trading platforms, stablecoin issuers, trading and custody service providers. The Securities Regulatory Commission will become the main regulatory authority.

2. Expand the variety of tokenized products: Promote the regularization of government bond tokenization and provide incentives for the tokenization of real-world assets. Support the trading of tokenized exchange-traded funds in the secondary market and promote the broader tokenization of assets and financial instruments.

3. Promote application scenarios and cross-sector collaboration: The stablecoin issuer licensing mechanism will be implemented on August 1. The Cyberport has launched the "Blockchain and Digital Asset Pilot Funding Scheme" to support innovative projects in various fields.

4. Talent and Partner Development: Committed to collaborating with industry and academia to promote talent development, positioning Hong Kong as a knowledge-sharing and international cooperation center for digital assets.

Industry experts believe that the "Policy Declaration 2.0" represents a systemic upgrade. It clarifies the regulatory timeline for stablecoins, considers RWA tokenization as a key industry, and provides tax incentives for tokenized ETFs and digital asset funds. These measures will promote the evolution of stablecoins from "tool currency" to "infrastructure currency" and facilitate the development of the digital twin era.

Recently, the dynamics in Hong Kong's digital asset sector have been frequent. Multiple projects have made progress in stablecoins and RWA, including the green energy battery swap asset RWA project and physical asset tokenization collaborations. At the same time, more than 40 institutions have been approved to provide virtual asset trading services through comprehensive accounts, covering several well-known brokerages and financial institutions.

Overall, the launch of the "Policy Declaration 2.0" marks an important step for Hong Kong in the development of digital assets. With the regulatory framework becoming increasingly完善, tokenized products gradually being implemented, and institutions actively participating, Hong Kong is building a robust, diverse, and sustainable digital asset ecosystem. RWA and stablecoin are expected to become key growth areas in the next phase.