Hong Kong Digital Asset Policy 2.0: Comprehensive Promotion of Compliance and Global Development

On June 26, the Hong Kong SAR Government released the "Hong Kong Digital Asset Development Policy Declaration 2.0", reiterating its determination to make Hong Kong a global center for digital asset innovation. The new policy proposes the "LEAP" four strategic frameworks, including improving legal compliance, expanding the scope of tokenized products, promoting application scenarios, and facilitating cross-domain cooperation.

A senior industry insider stated in an interview that this new policy marks a key step for Hong Kong in transitioning from a "testing ground" for digital assets to global development, moving towards "institutionalization, scaling, and globalization." He believes that in the future, compliance will become a necessary condition for entering the market.

The expert pointed out that the "Policy Declaration 2.0" is not just a continuation of the 2022 version, but also a systemic upgrade. The new policy revolves around the "LEAP" strategic framework, systematically advancing compliance regulation, asset tokenization, scenario expansion, and talent development across four dimensions. This indicates that Hong Kong is officially transitioning from being a "testing ground" for digital assets to a stage of "institutionalization, scaling, and globalization" of development.

The three key changes in the new policy include:

1. Stablecoins under regulation: The stablecoin licensing system is planned to be officially implemented on August 1, 2025, making Hong Kong one of the few jurisdictions in the world to provide a "landing pass" for stablecoins.

2. Emphasize the tokenization of RWA (Real World Assets): The government is not only promoting the normalization of bond issuance but also plans to include gold, green energy, electric vehicle assets, and more in the scope of tokenization.

3. Tax incentives: If future legislation passes, tokenized ETFs will enjoy the same stamp duty exemption and capital gains tax exemption as traditional ETFs, which is a significant change in the rules of the financial market.

These reforms show that Hong Kong not only supports the development of Web3 but also aims to integrate Web3 into its financial infrastructure through systems. At the regulatory policy level, the update of Hong Kong's Web3 policies has completed a "trinity" system loop: regulatory certainty, asset transparency, and tax competitiveness. This marks Hong Kong's official upgrade from a "regulatory sandbox" to a "global issuance and circulation hub for RWA."

Experts also emphasize that stablecoins are evolving from "tool currency" to "infrastructure currency". It is predicted that by 2030, the global circulation of stablecoins could reach $3.7 trillion to $3.9 trillion, which is an incremental market that surpasses the financial volume of most countries.

For RWA, experts believe this is a channel for digital asset support of the real economy. The new policy not only promotes the normalization of government tokenized bonds but also plans to include tokenization targets such as precious metals, green energy, and warehousing logistics. This is not only symbolic support but also a pilot reform at the asset level.

Experts point out that the introduction of the new policy further confirms the industry's observation of the Web3 sector, which is expected to usher in a major explosion of the digital twin era in the future, and compliance will become the key to entry.

In addition, the new policy also involves aspects such as international cooperation, tax system optimization, and talent strategy. These seemingly peripheral policies are actually important supports for building a financial-grade ecosystem:

• International Cooperation: Hong Kong will work with organizations such as OECD and IOSCO to build a cross-border regulatory framework and promote Compliance mutual recognition.
• Tax Incentives: Digital asset funds and family offices investing in tokenized assets can enjoy capital gains tax exemptions.
• Talent Development: The government will include Web3, AI, and blockchain in the key talent list, guiding universities and startups to jointly establish a "Web3 Talent Channel".

These measures are not short-term stimuli, but rather the establishment of supporting mechanisms to ensure long-term stability, encouraging international capital, human resources, and technology to invest in the Hong Kong market for the long term.

Under such policy dividends, industry enterprises are actively adjusting their positioning, striving to provide reliable digital asset services for global users, becoming a bridge connecting traditional finance and the digital economy, and promoting the popularization of digital assets and the arrival of the Web3 new era. They will focus on establishing a system that integrates high liquidity, low slippage, and Compliance licenses to attract institutional and pragmatic users. At the same time, these enterprises will also become important deposit and withdrawal partners for many virtual asset exchanges, providing competitive fiat channel services in multiple markets.

Overall, Hong Kong's new digital asset policy provides clear direction and strong support for industry development, and is expected to propel Hong Kong to become a global leading digital asset center.