Hong Kong Special Administrative Region (SAR) government unveiled the Hong Kong Digital Assets Development Policy Declaration 2.0 on June 26, positioning itself as a future global leader in digital assets. This strategic move comes amid Singapore tightening regulations for unlicensed crypto businesses.
Key Highlights of the Declaration
Vision and Objectives
- Risk-Controlled Innovation: Foster a trusted digital asset ecosystem integrated with real-world economies.
LEAP Framework:
- Legal & Regulatory Streamlining: Optimize licensing for digital asset trading and custody services.
- Tokenized Product Expansion: Promote bonds, ETFs, and real-world assets (RWAs) like commodities.
- Cross-Sector Collaboration: Advance use cases in trade settlements and跨境支付.
- Talent Development: Strengthen Hong Kong’s fintech workforce.
Immediate Actions
- Public consultation on licensing for trading/custody providers.
- Securities and Futures Commission (SFC) to oversee trading platforms; Hong Kong Monetary Authority (HKMA) to regulate banks.
- Tax exemptions for tokenized ETFs and private funds by 2025/2026.
Industry Reactions
- Legend Trading CEO Hao: "Singapore’s influence will diminish due to restrictive policies."
- Analyst Zheng Di: "Hong Kong is poised to reclaim Web3 leadership."
- Legislator Johnny Ng: "The宣言 aligns with global standards, boosting Hong Kong’s fintech credibility."
👉 Explore how Hong Kong’s policies compare globally
Strategic Advantages
- Stablecoin Regulation: Licensing starts August 2025—a global first.
- RWA Focus: Tokenized gold and energy markets.
- Sandbox Approach: Balances innovation with oversight.
FAQs
Q: How does Hong Kong’s approach differ from Singapore’s?
A: Hong Kong offers clearer licensing paths and tax incentives, whereas Singapore restricts unlicensed operators.
Q: What assets qualify for tokenization?
A: Bonds, ETFs, commodities (e.g., gold), and eventually private equity.
Q: When do tax exemptions take effect?
A: 2025/26 fiscal year, pending legislative approval.
Q: Why is stablecoin regulation significant?
A: It legitimizes their use in跨境支付 and trade, reducing投机风险.
👉 Learn about tokenization opportunities
Conclusion
Hong Kong’s宣言 signals a 3–5 year roadmap to dominance in Asia’s digital asset space, blending regulatory clarity with aggressive market incentives. With its LEAP framework, the SAR aims to outpace rivals by embedding Web3 into mainstream finance.