On June 27, 2025, the Hong Kong Special Administrative Region (HKSAR) government released its "Policy Statement 2.0" to bolster its digital asset hub ambitions. The policy, known as the "LEAP" framework, focuses on streamlining regulations and expanding tokenized products. The Securities and Futures Commission (SFC) will be the main regulator. (Source: Reuters, June 26, 2025)
The government plans to regularize tokenized government bonds and incentivize the tokenization of real-world assets. A licensing mechanism for stablecoin issuers will be implemented on August 1, 2025, to support stablecoin applications. The SFC will oversee custodians, digital asset service providers, exchanges, and stablecoins. (Source: Reuters, June 26, 2025)
This initiative follows the passage of a stablecoin bill on May 21, 2025, and the SFC's plans to introduce virtual asset derivatives trading for professional investors. These measures aim to enhance market liquidity and foster innovation in asset management. Financial Secretary Paul Chan emphasized blockchain's role in enabling lower-cost financial services. (Source: Reuters, June 26, 2025)