Hong Kong’s latest digital asset places stablecoin regulation and asset tokenization in the midst of its approach to become a global hub of crypto and fintech.
The policy statement, Issued On Thursday, a framework known as “leap,” was introducing legal clarity, ecosystem expansion, real-world applications and talent development. It builds on the foundation laid out by Statement of Government Policy In October 2022.
As part of the new framework, the government will implement a licensing regime for Stablecoin Issuing starters beginning August 1, which will “facilitate the development of real-world use cases.”
Ang Securities and Futures Commission (SFC) ay magbabantay sa Lisensya para sa Digital Asset (DA) na pakikitungo at mga tagapagbigay ng pag -iingat, habang ang mga serbisyo sa pananalapi at ang Treasury Bureau (FSTB) at ang Hong Kong Monetary Authority ay mangunguna sa isang ligal na pagsusuri upang suportahan ang tokenization ng Real-world assets (RWAs).
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Hong Kong to arrange tokenized bonds
The government also plans to “regulate the release of tokenized government bonds” and promote tokenized ETFs by clarifying their stamp duty treatment.
“With this, the government accepts the introduction of the second market of the ETF tokenized markets to the DA’s licensed trading platforms or through other channels,” said the policy statement.
Beyond the bonds and funds, the government said aimed at being incentive to the tokenization throughout the broader sectors, including metal and modified energy assets, showing the “well -being of this technology in sectors such as precious metals (for example, gold) … and solar panels.”
The policy also includes new steps to boost change, such as a cyberport funding program aimed at supporting standout blockchain and digital asset projects.
In a statement, financial secretary Paul Chan said the new plot “shows the practical use of tokenization” and aims to “develop a more developing DA ecosystem that will include the real economy in social life.”
The government said it was about to launch public consultations with new licensing regimes.
Related: Hong Kong to build a crypto tracking tool for money laundering
Hong kong eyes crypto derivatives
Earlier this month, Hong Kong financial authorities said they were Preparation to introduce Digital Asset derivatives Trading for professional investors.
The initiative is following the recently —the only Approval for Crypto ETF spotsFutures products and Staking servicesincluding a green light for Hashkey to offer staking in AprilWhile the city’s position itself as a leading digital financial hub.
In May, the city’s legal council Stablecoin Bill passed.
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