The Hong Kong Special Administrative Region (HKSAR) government on Thursday issued a Policy Statement 2.0 on the Development of Digital Assets in Hong Kong, reinforcing its commitment to establishing Hong Kong as a global hub for innovation in the digital asset (DA) field, according to a release seen on the website of the HKSAR government on Thursday.
According to the statement, the HKSAR government is creating a unified regulatory framework for DA service providers. The Securities and Futures Commission (SFC) will oversee licensing for DA trading and custody services. Meanwhile, the Financial Services and the Treasury Bureau (FSTB) and Hong Kong Monetary Authority (HKMA) will lead a comprehensive legal review to facilitate tokenization of real-world assets (RWAs) and financial instruments.
The HKSAR government will also expand tokenized products, regularize tokenized government bond issuances, and incentivize RWA tokenization—such as clarifying stamp duty exemptions for tokenized exchange-traded funds (ETFs). Additionally, the policy promotes tokenization across sectors like precious metals, non-ferrous metals, and renewable energy, demonstrating the technology’s versatility.
The implementation of the licensing regime for stable coin issuers on August 1 will facilitate the development of real-world use cases. The HKSAR government is fostering collaboration among regulators, law enforcement agencies and technology providers for development of DA infrastructures.
According to the policy, the HKSAR government is strengthening talent development through partnerships with industry and academia, and is positioning Hong Kong as a center of excellence for DA knowledge-sharing and international co-operation, including joint research initiatives and global regulatory collaboration.
"The Policy Statement 2.0 sets out our vision for DA development and showcases the practical use of tokenization through application, with a view to boosting the diversification of use cases. We strive to build a more flourishing DA ecosystem which will integrate the real economy with social life through a prudent regulatory regime and encouragement to market innovation, such that it will bring benefits to both the economy and society while consolidating Hong Kong's leading position as an international financial center," Financial Secretary of the HKSAR government Paul Chan said.
Tokenization is highly significant as it digitizes assets, boosting liquidity by enabling seamless digital transactions and transfers, Xi Junyang, a professor at the Shanghai University of Finance and Economics, told the Global Times on Thursday.
Additionally, tokenization plays a pivotal role in propelling the development of the digital asset trading market. As a multitude of assets undergo tokenization, the scale, variety, and quantity of digital assets expand substantially, giving rise to a new financial market segment. This not only enriches the range of financial market products and broadens the scope of transactions but also enhances the Hong Kong market's attractiveness to international capital, Xi Junyang said.
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