Major Event! Hong Kong Releases Cryptocurrency Policy Declaration 2.0!

I asked AI, and the biggest direct beneficiary is HashKey. Below is a summary from AI; the original text can be found at the end.

I. Core Points of Policy Declaration 2.0

The Hong Kong government released the "Hong Kong Digital Asset Development Policy Declaration 2.0" on June 26, 2025, centered around the "LEAP" framework, with the following strategic directions:

1. Optimize Legal and Regulatory Framework

2. Expand Types of Tokenized Products

• Regularization of tokenized government bond issuance
• Stamp duty exemption for tokenized ETFs
• Promotion of real-world asset tokenization
• Advancement of application scenarios and cross-sector collaboration
• Support for stablecoins and other tokenized projects
• Cyberport will launch a blockchain and digital asset pilot funding program
• Facilitate cooperation among regulatory bodies, law enforcement agencies, and technology providers

1. Talent and Partner Development

• Collaborate with market participants and universities to promote talent development
• Position Hong Kong as a knowledge-sharing center and promote international cooperation

II. Impact Analysis on HashKey

1. Huge Growth Potential from Opening Virtual Asset Derivatives Trading

   The policy declaration clearly supports the development of virtual asset derivatives trading. HashKey Exchange expects that if derivatives trading functionality is opened, trading volume could increase by at least 50%.

   As Hong Kong's largest licensed virtual asset exchange, HashKey will pilot perpetual contracts for mainstream virtual assets like Bitcoin and Ethereum in the early stages of policy implementation.

2. First-Mover Advantage in Custody Service Licensing System

   The new policy proposes that the Securities and Futures Commission (SFC) will serve as the main regulatory body for digital asset custody service providers and will conduct public consultations on the licensing mechanism. HashKey, as an institution with a well-established custody system, has a clear first-mover advantage in the upcoming custody service licensing.

3. Revenue Growth from Expanded Omnibus Service Coverage

   HashKey Exchange's Omnibus account service has covered 90% of licensed brokers in Hong Kong, providing services to over 30 institutions. In the past six months, trading volume has increased nearly fivefold compared to the previous period, with cumulative trading volume surpassing HKD 30 billion. As more brokers obtain virtual asset licenses, this business is expected to continue rapid growth.

4. Leadership in Tokenized Product Innovation

   The world's first tokenized money market ETF, launched in collaboration with Bosera International, was officially issued in April 2025. The policy declaration clearly supports tokenized ETFs enjoying stamp duty exemptions, which will promote the development of more tokenized products, and HashKey has established technological and compliance advantages in this field.

5. Strategic Opportunities in Stablecoin Business

   With the implementation of the stablecoin regulatory system on August 1, 2025, HashKey is expected to play an important role in the stablecoin ecosystem. As Hong Kong's largest licensed exchange, HashKey Exchange will become one of the main platforms for stablecoin trading.

6. Synergistic Effects of Full-License Ecosystem

   The policy declaration emphasizes the establishment of a unified regulatory framework, which will further highlight the value of HashKey Group's full-license layout. The complete ecosystem from trading, custody, asset management to tokenization services enables HashKey to achieve multidimensional benefits from policy dividends.

7. Enhancement of International Competitiveness

   The policy declaration proposes to position Hong Kong as a global digital asset center, which aligns closely with HashKey's globalization strategy. HashKey has completed licensing layouts in Hong Kong, Bermuda, Dubai, Ireland, and other locations, and is expected to accelerate global expansion with the support of Hong Kong's policies.

8. Value Release of Technological Infrastructure

   Through technological infrastructures like HashKey Cloud and HashKey Chain, HashKey provides full-link technical support for tokenized products. The strong support for tokenized products in the policy declaration will directly drive the growth of HashKey's technical service business.

Overall, the "Hong Kong Digital Asset Development Policy Declaration 2.0" brings multiple benefits to HashKey, providing strong support for its business growth and market position consolidation, from derivatives trading, custody services to tokenized product innovation. For investors holding HSK, this policy declaration marks the entry of HashKey into a new development stage, with significant benefits expected from the comprehensive upgrade of Hong Kong's digital asset ecosystem.

The so-called trend inevitably gives one a sense of "When the time comes, the world works together."

https://gia.info.gov.hk/general/202506/26/P20250625008475000911_1750909590100.pdf

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