Hong Kong Unveils Revamped Crypto Policy To Drive Tokenisation And Stablecoin Expansion
Hong Kong is stepping up efforts to dominate the digital asset space with the release of its updated “Policy Statement 2.0”, a strategic upgrade from its initial 2022 roadmap.
The latest announcement lays out a clearer and more structured plan for how the city intends to scale tokenisation, regulate stablecoins, and foster broader adoption of blockchain-based financial infrastructure.
New ‘LEAP’ Strategy Targets Legal Clarity And Use Case Growth
At the centre of this policy is the new LEAP framework—short for Legal clarity, Expanding tokenised products, Advancing use cases, and People development.
The goal is to build a digital asset environment that is both safe and innovative.
Authorities have outlined plans to license exchanges, stablecoin issuers, and custodians under more transparent rules.
The Securities and Futures Commission (SFC) will oversee licensing, while the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) will conduct legal reviews to ease restrictions on tokenising real-world assets (RWAs), such as bonds and ETFs.
Tokenised Assets Move Closer To Market
Hong Kong is making a firm push into tokenised government bonds, aiming for regular issuance to drive market confidence.
The policy also includes support for expanding tokenisation to precious metals, industrial commodities, and green energy products.
A move to enable secondary trading of tokenised ETFs on licensed exchanges could make such assets more accessible to investors, while a review of tax policies around tokenised products is underway to remove barriers for both issuers and investors.
Stablecoin Licensing Set To Begin In August
A major milestone will come on 1 August, when Hong Kong’s licensing regime for fiat-referenced stablecoin issuers officially launches.
The framework is expected to improve safeguards and transparency while encouraging institutional participation.
Authorities said consultations on upcoming rules for digital asset dealing services and custodians will also take place soon.
The SFC will spearhead these discussions, aiming to build a secure and competitive market structure.
Public-Private Partnerships And Talent Building In Focus
The government is also prioritising collaboration across sectors. Technology providers, regulators, law enforcement, and academia are expected to play key roles in building the necessary digital infrastructure.
Local talent development will be supported through partnerships with universities and industry programmes. Financial Secretary Paul Chan said,
“We strive to build a more flourishing digital asset ecosystem that integrates the real economy with social life through a prudent regulatory regime.”
A Global Play For Digital Asset Leadership
Since reopening crypto trading to retail investors in 2022 and greenlighting its first Bitcoin and Ethereum ETFs, Hong Kong has steadily repositioned itself as a competitive hub for digital assets in Asia.
With Policy Statement 2.0, it now seeks to cement that status—focusing not just on speculative trading but on real-world applications and financial integration.
Should Hong Kong’s Ambition Be Matched With Accountability?
The roadmap may be ambitious, but it raises a key question: can the city maintain credibility if risks arise from regulatory missteps or market failures?
As the government invites deeper institutional participation, its role shifts from facilitator to gatekeeper.
If Hong Kong wants to lead global finance into the tokenised era, it must also be prepared to lead in responsibility—ensuring that growth doesn’t come at the cost of stability.
Kikyo
Hui Xin
Alex
Brian