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Hong Kong releases Policy Declaration 2.0 to create a global digital asset innovation center.
On June 26, news emerged 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"), reiterating the government's commitment to making Hong Kong a global innovation center in the field of digital assets.
The "Policy Declaration 2.0" puts forward 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 "Optimize Legal and Regulatory" content shows that the Hong Kong government is constructing 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" clarifies 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 serve as the frontline regulatory body for banks, overseeing their digital asset trading activities.
In the section "Promoting Application Scenarios and Cross-Industry Cooperation," 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 provide a cost-effective alternative outside of traditional systems and have 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 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 have expressed 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 guidance, promoting licensed stablecoin issuers in Hong Kong to research and implement solutions to address 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 "Policy Declaration 2.0":
Hong Kong Digital Asset Development Policy Declaration 2.0
Vision: Build a trusted digital asset center dedicated to promoting innovation.
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 controllable risk environment and brings substantial 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 continuous evolution of the global digital asset market. Upholding the principle of "same business, same risks, same rules," the "Policy Declaration 2.0" aims to outline forward-looking strategies that empower industry development, promote inclusive finance, cultivate talent, while safeguarding investors 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" in October 2022, including establishing robust regulation, launching innovative products such as exchange-traded funds ("ETFs") for digital asset trading, expanding investor channels by allowing retail participation, and initiating experimental projects like the tokenization of green bonds, Hong Kong is now ready to embark on a "LEAP" towards forming a trustworthy, sustainable, and deeply integrated digital asset ecosystem within the real economy. The Securities and Futures Commission ("SFC") previously announced the "ASPIRe" roadmap, aimed at guiding the Hong Kong digital asset ecosystem into the future amidst a changing environment, implementing a series of measures including adaptive compliance and product frameworks (such as derivative 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 strengthen Hong Kong's position as a global digital asset hub. 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 and orderly competition.
To achieve this vision and goal of creating 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 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 integrating with the real economy and financial systems to achieve sustainable growth. These measures are framed under "LEAP", which stands for - ("L"egal and regulatory streamlining) optimizing legal and regulatory frameworks, ("E"xpanding the suite of tokenised products) expanding the variety of tokenized products, ("A"dvancing use cases and cross-sectoral collaboration) advancing application scenarios and cross-departmental cooperation, and ("P"eople and partnership development) talent and partnership development, in order to create 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
Building on the progress made since 2022, the government will continue to collaborate with regulatory bodies and industry stakeholders to develop a comprehensive legal and regulatory framework to regulate 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 custodians, with a core focus on investor and consumer protection. The next key measure is to conduct public consultations on the licensing mechanism for digital asset trading service providers and digital asset custodians to meet investor demands for high liquidity, large transactions, and secure custody of assets. The government proposes designating the Securities and Futures Commission as the main regulatory authority for digital asset trading service providers, responsible for licensing and registration matters, formulating standards, optimizing regulatory processes, and reducing potential regulatory arbitrage under different digital asset regulatory frameworks. Meanwhile, the Hong Kong Monetary Authority ("HKMA") will act as the frontline regulatory body 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 regulatory body 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 foster market innovation and protect investors. Regular reviews will be conducted and close communication with stakeholders will be maintained 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 "Prudent 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 Tokenization Laws and Regulations
The tokenization of real-world assets and financial instruments presents opportunities for the integration of new technologies with traditional finance, which can drive economic activities and innovate the structure of financial markets, 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 Financial Services and the Treasury Bureau and the Monetary Authority will lead the review of relevant laws and regulatory frameworks, referencing international experiences and practices to promote the further application of tokenization in Hong Kong. The initial review will focus on the bond market, which has already passed the concept verification stage, and it is also expected to provide references for the tokenization of other real-world assets and financial instruments. The review will comprehensively examine the issuance and trading processes of tokenized bonds, 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 results and related improvement suggestions 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 approximately HKD 6.8 billion), proactively demonstrating the benefits of tokenization. On this basis, the government will regularize the issuance of tokenized government bonds and will explore different currency and maturity arrangements, as well as other innovative options. The government hopes that this move will provide the market with stable and high-quality digital bonds, further expand accessibility, and attract a broader range of investors. To further leverage the advantages of tokenization, the Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority will continue to communicate with industry experts to understand different aspects of the market, including opinions on incorporating 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 establish a global benchmark by being the first to issue tokenized bonds and regularizing them, enhancing market confidence in the technology, while also 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 HKMA's Ensemble project (where the SFC is a key partner and co-leads the participation of the asset management industry with the HKMA), innovative application scenarios are actively encouraged, including the tokenization of traditional financial products (such as money market funds and other funds) as well as the income streams of real-world assets (such as electric vehicle charging stations). The HKMA is exploring the establishment of the Ensemble infrastructure to facilitate the settlement of interbank tokenized deposits, simplifying processes and enhancing liquidity.
The London Metal Exchange (LME) has included Hong Kong as a licensed delivery location within its global warehouse network and has approved warehouse operators in Hong Kong to store metals registered with the LME. To further develop the commodity trading ecosystem, the government encourages the market to apply tokenization and physical asset tracking technologies in warehousing programs. Token creation technology can serve as an identification label for global warehouses, assisting in tracking metal assets and their sustainability-related data, thereby promoting Hong Kong's further integration into the global warehouse network.
The government will intensify efforts to expand tokenization schemes, promoting the tokenization of a wider range of assets and financial instruments, showcasing the diverse applications of the technology in various 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 when transferred. 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 like fiscal impact and market development, to review the tax arrangements for the transfer of other Securities and Futures Commission-recognized funds after tokenization.
The government will submit legislative proposals to include designated digital assets in eligible transactions that qualify for 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 tax year.
(“A”dvancing use cases and cross-sectoral collaboration) Promoting application scenarios and cross-departmental 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 and have 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 forth 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 their 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 licensed stablecoin issuers in Hong Kong across different application scenarios, addressing substantive pain points in economic activities. To demonstrate government support and take the lead, market participants are encouraged to propose how the government can experiment with and utilize licensed stablecoins, such as to enhance the efficiency of government payments.
(f) Promote cooperation among regulatory authorities, law enforcement agencies, and technology providers.
As a digital technology incubator in Hong Kong, Cyberport has been actively supporting tokenization projects in Hong Kong and providing a thriving environment for startups to explore innovative fintech solutions through collaboration with the Hong Kong 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 to utilize 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 pilot funding program for blockchain and digital assets, providing funding for application projects that have future application potential, are iconic, and have market influence. Beyond 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 welcomes and is 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 within 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 with local experience and deep regional expertise. These tools will strengthen Hong Kong's regulatory framework and capabilities, promoting the secure and sustainable development of digital assets. The government will promote cooperation between technology providers, regulatory agencies, 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, integration of artificial intelligence, and innovation in digital assets, in order 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 experts from around the world. Next, Cyberport will assist the government in achieving this goal through relevant measures in Web3, blockchain, and artificial intelligence technology training, thereby creating a stable reserve of professional talent, continuously driving innovation, and contributing to the local digital asset industry. These measures include experience-sharing sessions and collaboration with global digital asset companies to provide the talent pool with the most advanced knowledge.
(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 digital asset field. 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 the continuous flow of creativity and expertise. By combining academic achievements with industry needs, a sustainable talent pool will be established in Hong Kong to support the goals in digital asset development.
The government will strengthen cooperation between regulatory and law enforcement agencies, coordinate the work of local regulatory and law enforcement agencies, and support the development of a transparent, secure, and resilient digital asset market. The government will also support and participate in international cooperation along with regulatory agencies, including through relevant international organizations and establishing memorandums of understanding with regulatory agencies and other government institutions in other jurisdictions to achieve information sharing and regulatory cooperation in the field of digital assets. At the same time, the government will ensure cooperation between departments through existing high-level internal mechanisms.
Summary: The future of integration, innovation, confidence, and opportunity.
The "Policy Statement 2.0" represents Hong Kong's determination to become a global leader in the digital asset space (“LEAP”). Through a unified regulatory framework, legal and regulatory reviews, the normalization of tokenized government bond issuance, the tokenization of real-world assets and financial products, the promotion of stablecoin use cases, enhanced cooperation in regulation, and the promotion of 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 bodies, industry, and society, a future that integrates innovation, confidence, and opportunity will be built, leading Hong Kong toward a new realm of global digital asset leadership.
Financial Services and the Treasury Bureau, Government of the Hong Kong Special Administrative Region, June 26, 2025 #BTC再创新高#