Hong Kong’s newest digital asset blueprint locations stablecoin regulation and asset tokenization on the coronary heart of its technique to develop into a world crypto and fintech hub.
The coverage assertion, issued on Thursday, introduces a framework often known as “LEAP,” focusing on authorized readability, ecosystem growth, real-world purposes, and expertise improvement. It builds on the inspiration laid by the federal government’s first coverage assertion in October 2022.
As a part of the brand new framework, the federal government will implement a licensing regime for stablecoin issuers beginning Aug. 1, which “will facilitate the event of real-world use instances,” per the announcement.
The Securities and Futures Fee (SFC) will oversee licensing for digital asset (DA) dealing and custody suppliers, whereas the Monetary Companies and the Treasury Bureau (FSTB) and the Hong Kong Financial Authority will lead a authorized assessment to assist the tokenization of real-world belongings (RWAs).
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Hong Kong to control tokenized bonds
The federal government additionally plans to “regularise the issuance of tokenized Authorities bonds” and promote tokenized ETFs by clarifying their stamp obligation therapy.
“With that, the Authorities welcomes the introduction of secondary market buying and selling of those tokenized ETFs on licensed DA buying and selling platforms or by way of different channels,” the coverage assertion stated.
Past bonds and funds, the federal government stated it goals to incentivize tokenization throughout broader sectors, together with metals and renewable power belongings, demonstrating “the flexibility of this know-how throughout sectors akin to treasured metals (e.g. gold)… and photo voltaic panels.”
The coverage additionally contains new measures to spice up innovation, akin to a Cyberport funding program aimed toward supporting standout blockchain and digital asset initiatives.
In an announcement, Monetary Secretary Paul Chan stated the brand new framework “showcases the sensible use of tokenization” and goals to “construct a extra flourishing DA ecosystem which can combine the true economic system with social life.”
The federal government stated it is going to quickly launch public consultations on new licensing regimes.
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Hong Kong eyes crypto derivatives
Earlier this month, Hong Kong’s monetary authorities stated they’re getting ready to introduce digital asset derivatives buying and selling for skilled buyers.
The initiative follows latest approvals for spot crypto ETFs, futures merchandise, and staking providers, together with a inexperienced gentle for HashKey to supply staking in April, as the town positions itself as a number one digital finance hub.
Moreover, in Might, the town’s Legislative Council handed the Stablecoin Invoice, paving the best way for a regulated framework that might place the area as a world chief in digital belongings and Web3 improvement.
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