With the rise of the global digital asset wave, Hong Kong is proactively embracing the Web3 era. Recently, the Hong Kong region released the "Hong Kong Digital Asset Development Policy Declaration 2.0" (referred to as "Policy Declaration 2.0"), officially renaming "virtual assets" to "digital assets." This move not only broadens the scope but also conveys Hong Kong's determination to build a comprehensive and proactive digital asset ecosystem. Among them, the clear implementation of the stablecoin regulatory system is undoubtedly the most eye-catching highlight of the "Policy Declaration 2.0," signaling that Hong Kong is accelerating its transformation into an important hub for global digital assets and Web3 innovation.
The primary change in the "Policy Declaration 2.0" is the official renaming of "virtual assets" to "digital assets." The industry generally believes that the term "digital assets" is more comprehensive, covering a broader range of existing financial product tokenization, and presents a more positive image. Hong Kong Legislative Council member Kenneth Leung stated that the renaming allows for a broader coverage of digital assets and clearly articulates the policy vision and direction for the next steps.
This declaration follows the Hong Kong Securities and Futures Commission's release of the "ASPIRe" roadmap in February this year (which covers a new regulatory framework for over-the-counter trading of virtual assets and virtual asset custody services, and will promote the expansion of virtual asset products and services). It aims to focus on enhancing the liquidity of digital asset trading, promoting a more diversified supply of digital asset products, empowering industry development, facilitating inclusive finance, cultivating talent, and thereby strengthening Hong Kong's position as a global digital asset center.
The "Policy Declaration 2.0" proposes the "LEAP" framework, aimed at forming a trustworthy, sustainable, and deeply integrated digital asset ecosystem within the real economy. This framework encompasses four core pillars:
Legal and regulatory streamlining: Hong Kong will establish a unified and comprehensive regulatory framework covering digital asset exchanges, stablecoin issuers, digital asset trading service providers, and custody service providers, with a focus on investor and consumer protection. The Securities and Futures Commission will become the main regulatory body responsible for licensing and registration, while the Monetary Authority will oversee banks' digital asset trading and custody activities. Hong Kong will actively adopt international standards to ensure regulatory alignment with global practices. Additionally, the Financial Services and the Treasury Bureau and the Monetary Authority will lead the review of laws and regulatory frameworks related to tokenization, promoting further application of tokenization in Hong Kong.
Expanding the suite of tokenised products: Hong Kong will normalize the issuance of tokenized government bonds and encourage the market to apply tokenization technology in various fields such as precious metals, non-ferrous metals, and renewable energy. The Monetary Authority's Ensemble project will encourage the tokenization of traditional financial products and the revenue streams of real-world assets. At the same time, tokenized ETFs listed on the Hong Kong Stock Exchange will be exempt from stamp duty, and efforts will be made to include specified digital assets in the scope of profits tax exemptions for privately offered funds and family investment control tools.
Advancing use cases and cross-sectoral collaboration: Hong Kong will support stablecoins and other tokenized projects, including exploring the use of stablecoins as payment tools. Cyberport will assist the government in building a stable reserve of professional talent and launching pilot funding programs for blockchain and digital assets. The Invest Hong Kong will also support digital asset service providers in establishing and expanding their businesses in the region.
People and partnership development: Hong Kong will continue to encourage training and talent development in the digital asset industry, particularly in blockchain applications, artificial intelligence integration, and digital asset innovation. The government will promote strategic cooperation between universities and the industry and strengthen collaboration between regulatory and law enforcement agencies to support the development of a transparent, secure, and resilient digital asset market.
The most notable aspect of the "Policy Declaration 2.0" is undoubtedly the clear implementation of the stablecoin regulatory system. Hong Kong will implement the stablecoin issuer regulatory system starting from August 1, 2025. This system will impose strict requirements on reserve asset management, stabilization mechanisms, redemption processes, and prudent risk management, aiming to promote licensed stablecoin issuers in Hong Kong to research and implement solutions for various application scenarios. The region welcomes market participants to propose suggestions on how to experiment with and use licensed stablecoins.
This initiative aligns with global trends. On June 26, Canadian banking regulators also stated that they are ready to regulate stablecoins, and a regulatory framework is being developed. This indicates that major global economies are gradually recognizing the importance of stablecoins in the digital economy and actively exploring their regulatory pathways.
Zhang Jun, Managing Director, Chief Economist, and Director of Research at China Galaxy Securities, pointed out that although the dollar's hegemony in the real currency system remains difficult to shake, the rule reconstruction in the blockchain field provides the possibility of "competitive switching" for various national currencies. He believes that the "digitalization of fiat currency" driven by stablecoins may become a new leap in currency forms, especially as the tokenization of real-world assets (RWA) comes to the forefront. Stablecoins issued with different collateral and credit subjects will construct a more complex financial ecosystem, accelerating the value connection between physical and digital assets.
Zhang emphasized that Hong Kong has taken the lead in launching stablecoin regulations and initiating pilot programs, sending a positive signal. For the Renminbi, the layout of stablecoins is not only a proactive response to the digitalization pressure from the dollar but also an inevitable choice in the construction of an on-chain financial system during the globalization process. Under the traditional currency pattern, blockchain technology provides the possibility for the internationalization of the Renminbi to "overtake on a curve"—expanding usage scenarios through stablecoins and embedding them into the global payment network, which is expected to reshape the international currency competition landscape amid a century of change.
Of course, the technical vulnerabilities of stablecoins (such as smart contract risks), collateral management (such as fluctuations in anchor assets), and regulatory arbitrage risks cannot be ignored. However, historical experience shows that financial innovation often comes with risk games. Only by fostering development under the premise of improving the regulatory framework and strengthening technical security can stablecoins transition from "barbaric growth" to "orderly evolution," injecting innovative vitality into the global financial system.
The release of the "Hong Kong Digital Asset Development Policy Declaration 2.0," especially the clear stablecoin regulatory system, marks a new stage in Hong Kong's strategic layout in the digital asset field. By optimizing regulation, expanding tokenized products, advancing application scenarios, and cultivating talent, Hong Kong is committed to creating a comprehensive, secure, and innovative digital asset ecosystem. As a bridge connecting traditional finance and the digital world, the regulated development of stablecoins in Hong Kong will not only provide fertile ground for global Web3 innovation but may also bring new opportunities for macro-financial issues such as the internationalization of the Renminbi. Hong Kong is accelerating its pace towards becoming a global digital asset center with its unique openness and foresight.
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