Key Takeaways:
Hong Kong’s new policy assigns crypto licensing duties to the SFC and HKMA based on entity type. Tokenized government bonds will become a regular offering, with broader asset classes targeted for tokenization. Industry leaders say the plan provides a clearer path for RWA and fund tokenization in financial markets.The Financial Services and the Treasury Bureau (FSTB) of Hong Kong published its Policy Statement 2.0 on the Development of Digital Assets on June 26, outlining next steps to formalize and expand its digital asset regulatory framework.
The statement proposes assigning the Securities and Futures Commission as the lead authority for licensing digital asset trading and custody service providers, while the Hong Kong Monetary Authority will supervise such activities when conducted by banks.
Hong Kong to Launch Unified Crypto Licensing
The government said the new unified structure is intended to streamline oversight and reduce regulatory gaps across digital asset functions.
Tax incentives and policy support will also be extended to tokenized products. Hong Kong will begin regular issuance of tokenized government bonds and expand efforts to facilitate asset tokenization across sectors, including ETFs, commodities, and renewable energy.
The document stated that a legal review will examine settlement and registration rules to support wider adoption.
Stablecoin regulation is scheduled to take effect on August 1, 2025, with a framework covering reserve requirements, redemption policies, and risk management. Authorities also welcomed market proposals for government use of licensed stablecoins in payment processes.
The roadmap addressed talent development and international engagement. Cyberport will launch a funding program for blockchain and digital asset projects, and universities are expected to deepen partnerships with industry to provide training and applied research. The government also plans to support surveillance tools and coordinate with foreign regulators to improve cross-border enforcement.
Expansion of Tokenization Framework
The FSTB said the policy will be implemented through a “LEAP” structure (legal reform, expansion of tokenized products, applied use cases, and people and partnership developments) designed to embed digital assets into the broader economy while maintaining regulatory control.
“It offers a clearer, more certain regulatory framework and policy direction on the development of DA ecosystem, including a strong emphasis on stablecoin and other tokenization projects such as RWA, tokenized funds, and their cross-sectoral applications,” said Tian Gan, CEO of China Asset Management (Hong Kong).
By tying tokenization to state functions like bond issuance and payments, Hong Kong is using public policy to shape how digital assets are adopted, tested, and scaled across sectors.
Frequently Asked Questions (FAQs)
The regulatory clarity, coupled with funding programs and potential tax incentives, may appeal to firms seeking a more structured environment in Asia.
By enabling tokenization of traditionally liquid assets, the policy introduces digital infrastructure to familiar markets, which could serve as testing grounds for broader adoption.
Hong Kong’s participation in standard-setting bodies and bilateral cooperation agreements could help establish enforceable norms for digital asset behavior across jurisdictions.
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