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Hong Kong releases Policy Declaration 2.0, aiming to build a global digital asset innovation center.
On June 26, news came that the Hong Kong Special Administrative Region government 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 digital asset field.
The "Policy Declaration 2.0" proposes the "LEAP" framework, which includes 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 "Optimizing Legal and Regulatory Framework" 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 custody service providers.
The "Policy Declaration 2.0" clearly states that the Hong Kong Securities and Futures Commission is the main 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 will act as the frontline regulatory body for banks, overseeing their digital asset trading activities.
In the "Promoting Application Scenarios and Cross-Industry Cooperation" section, the "Policy Declaration 2.0" supports stablecoins and other tokenized projects, including exploring the use of stablecoins as payment tools.
The "Policy Declaration 2.0" points out that stablecoins offer a cost-effective alternative outside of traditional systems, with the potential to revolutionize payments, supply chain management, and capital market activities. The Hong Kong government will implement a regulatory framework for stablecoin issuers starting from 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 business express strong interest in using stablecoins to reduce costs and expedite transaction processes. To fully leverage the potential of stablecoins, the government and regulatory agencies will provide a favorable market environment and necessary regulatory guidelines to promote research and implementation plans by licensed stablecoin issuers in Hong Kong, addressing substantial pain points in economic activities. The Hong Kong government welcomes market participants to propose suggestions on how to experiment with and utilize licensed stablecoins, such as improving the efficiency of government payments.
In addition, Cyberport will launch a pilot funding program for blockchain and digital assets, providing funding for applicant projects with future application potential, iconic status, and market influence.
The following is the full text of the "Policy Declaration 2.0":
Hong Kong Digital Asset Development Policy Declaration 2.0
Vision: Build a trusted and innovation-driven digital asset center
The Government of the Hong Kong Special Administrative Region is committed to building Hong Kong into a global leading digital asset center—a market that fosters innovation in a controlled risk environment and brings tangible benefits to the real economy and financial markets, while being trustworthy.
The "Hong Kong Digital Asset Development Policy Declaration 2.0" ("Policy Declaration 2.0") published by the Financial Services and the Treasury Bureau ("FSTB") is a proactive response from Hong Kong to the ongoing 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 ensuring investor protection and maintaining financial security, thereby consolidating Hong Kong's leading position as an international financial center.
"LEAP": Moving towards the formation of a trustworthy, sustainable, and deeply integrated digital asset ecosystem in the real economy.
Building on the initiatives proposed in the first "Policy Declaration" released in October 2022, including establishing robust regulations, launching innovative products such as digital asset exchange-traded funds ("ETFs"), expanding investor channels through allowing retail participation, and initiating experimental projects like green bond tokenization, Hong Kong is now ready to step towards forming a trustworthy, sustainable, and deeply integrated digital asset ecosystem within the real economy, known as "LEAP." The Securities and Futures Commission ("SFC") previously announced the "ASPIRe" roadmap, aimed at guiding the Hong Kong digital asset ecosystem into the future amid a constantly changing environment, implementing a series of measures such as adaptive compliance and product frameworks (like derivatives 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 the liquidity of digital asset trading and promoting a more diversified supply of digital asset products to reinforce Hong Kong's position as a global digital asset center. 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, we aim to create a digital asset ecosystem that is deeply integrated with the real economy and financial markets, and is future-oriented. We propose a series of strategic policy directions and will implement corresponding measures. In formulating these policy directions and measures, we strive to ensure that they are not limited by current technologies and can adapt to the future development of digital assets while being integrated with the real economy and financial systems to achieve sustainable growth. These measures are framed by "LEAP": ("L"egal and regulatory streamlining) optimizing laws and regulations, ("E"xpanding the suite of tokenised products) expanding the range of tokenised products, ("A"dvancing use cases and cross-sectoral collaboration) advancing use cases and cross-sector collaboration, and ("P"eople and partnership development) talent and partnership development, to build a trustworthy, innovative, and vibrant digital asset ecosystem, reinforcing Hong Kong's leading position in the global financial landscape.
("L"egal and regulatory streamlining) optimize legal and regulatory
(a) A unified and comprehensive regulatory framework
Based on the progress since 2022, the government will continue to collaborate with regulatory agencies and industry stakeholders to develop a comprehensive legal and regulatory framework governing 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, with a focus on investor and consumer protection. The key next 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 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 ("HKMA") will act as the frontline regulatory agency for banks, overseeing their digital asset trading activities.
Similarly, the Securities Regulatory Commission will serve as the main regulatory authority 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 promote market innovation and safeguard investors. Regular reviews will be conducted and close communication with stakeholders will take place 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 Organization for Economic Cooperation and Development's "Crypto Asset Reporting Framework" to promote tax transparency.
(b) Review of Tokenized Laws and Regulations
The tokenization of real-world assets and financial instruments provides opportunities for integrating new technologies with traditional finance, which can drive innovations in economic activities and financial market structures, 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 Treasury and Monetary Authority will lead the review of relevant laws and regulatory frameworks, referencing international experiences and practices to promote further applications of tokenization in Hong Kong. The initial review will focus on the bond market that has passed the proof of concept stage, and it is also expected to provide references for the tokenization of other real-world assets and financial instruments. A comprehensive examination of the issuance and trading processes of tokenized bonds will be conducted, 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 outcomes and related improvement recommendations are practical and can meet future development needs, positioning Hong Kong as a pioneer 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 about 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 arrangements in different currencies and terms, as well as other innovative options. The government hopes to provide the market with stable and high-quality digital bonds through this move, further expanding accessibility and attracting a broader investor base. To further leverage the advantages of tokenization, the Financial Secretary's Office and the Monetary Authority will continue to communicate with industry experts to understand various opinions from the market, including the incorporation of digital currencies to enhance trading efficiency, secondary market trading application scenarios, 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 the technology while encouraging adoption by the public and private sectors.
(d) Provide incentives for the tokenization of real-world assets and financial assets.
Tokenization of real-world assets and financial market instruments can enhance the efficiency, accessibility, and potential liquidity of the Hong Kong market. Through the Hong Kong Monetary Authority's Ensemble project (with the Securities and Futures Commission as a major partner, co-leading the participation of the asset management industry), there is an active encouragement of 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 Hong Kong Monetary Authority is exploring the establishment of 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 an approved delivery location within its global warehouse network and has authorized warehouse operators in Hong Kong to store metals registered with the London Metal Exchange. To further develop the commodity trading ecosystem, the government encourages the market to apply tokenization and physical asset tracking technologies in storage programs. Token creation technology can serve as identification tags for global warehouses, helping to track metal assets and related data such as their sustainability, promoting Hong Kong's further integration into the global warehouse network.
The government will increase efforts to expand tokenization programs, promoting the tokenization of a broader range of assets and financial instruments, showcasing the diverse applications of this technology in 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 upon transfer. To promote the development of the tokenized market, the government will clarify that this exemption from stamp duty 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 ahead, the government will maintain an open attitude, considering factors such as fiscal impact and market development, and review the tax arrangements for the transfer of other SFC-recognized funds after tokenization.
The government will submit legislative proposals to include specified digital assets in qualified transactions that enjoy profits tax exemptions for privately offered funds and family investment control tools. If the proposal is passed by the Legislative Council, the tax exemption will take effect from the 2025/2026 taxation year.
Advancing use cases and cross-sectoral collaboration
(e) Support for stablecoins and other tokenized projects, including exploring the use of stablecoins as a payment tool.
Stablecoins provide a cost-effective alternative outside of traditional systems, with the potential to revolutionize payments, supply chain management, and capital market activities. The government will implement a regulatory framework for stablecoin issuers starting August 1, 2025. This framework 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 its reliability for use both locally and internationally. Many businesses involved in cross-border trade and settlement have expressed strong interest in using stablecoins to reduce costs and expedite transaction processes. To fully harness 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 solutions by licensed stablecoin issuers in Hong Kong across different application scenarios, addressing substantial pain points in economic activities. To demonstrate the government's support and take a leading role, market participants are encouraged to suggest how the government can experiment with and utilize licensed stablecoins, such as to enhance the efficiency of government payments.
(f) Promote cooperation between regulatory authorities, law enforcement agencies, and technology providers
As a digital technology incubator in Hong Kong, Cyberport has been strongly supporting tokenization projects in Hong Kong and providing a thriving environment for startups to explore innovative fintech 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, leveraging 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 specialized resources that enable them to experiment with innovative ideas and commercialize them. Cyberport will also launch a blockchain and digital asset pilot funding program to provide funding for application projects with future application potential, iconic significance, and market impact. Besides 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 is welcoming and ready to support digital asset service providers in establishing and expanding their business in Hong Kong. Among the various support available, the Invest Hong Kong can connect potential digital asset service providers with banks and different professional and support services, and facilitate their business establishment.
Hong Kong Exchanges and Clearing Limited has developed Hong Kong's first digital asset index, providing investors with a transparent and reliable benchmark for Bitcoin and Ethereum prices in the Asian time zone, to support Hong Kong's development as a leading digital asset center 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 technologies, cybersecurity, and monitoring solutions that possess local experience and deep regional expertise. These tools will strengthen Hong Kong's regulatory framework and capabilities, promoting the safe and sustainable development of digital assets. The government will promote collaboration among technology providers, regulatory bodies, 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 partnership development
(g) Promote talent development in collaboration with market participants and universities.
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 cultivate 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 professionals from around the world. Next, Cyberport will assist the government in achieving this goal through its relevant measures in Web3, blockchain, and artificial intelligence technology training, thereby building a stable reserve of professional talent, continuously promoting 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. Joint 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 that creativity and expertise continue to flow. By aligning academic achievements with industry needs, a sustainable talent pool will be established in Hong Kong to support the goals of digital asset development.
The government will strengthen cooperation between regulatory agencies and law enforcement agencies, and coordinate the work of local regulatory 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 alongside regulatory agencies, including through relevant international organizations and establishing memoranda of understanding with regulatory agencies and other government institutions 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 "LEAP" towards becoming a global leader in the digital asset field. Through a unified regulatory framework, legal and regulatory reviews, the normalization of tokenized government bond issuance, the expansion of real-world asset and financial product tokenization, the promotion of stablecoin application scenarios, strengthening cooperation in regulation, and promoting international collaboration, the government is laying the groundwork for further innovation and market development. Combined with a thriving ecosystem supported by training and project assistance, collaboration between universities and the industry, as well as digital asset infrastructure, Hong Kong will create significant benefits for the global real economy and financial markets. With the joint efforts of regulatory agencies, the industry, and society, a future that integrates innovation, confidence, and opportunity will be built, leading Hong Kong towards a new realm of global digital asset leadership.
Financial Services and the Treasury Bureau Hong Kong Special Administrative Region Government June 26, 2025 #BTC再创新高#