Hong Kong has released a second policy statement to accelerate his development of Digital Asset (DA) and to strengthen his ambition to strengthen a global leader in financial innovation.
The last statement, dated 26 June and called “Policy Statement 2.0”, expands over the framework that has been established in its first release from October 2022.
According to the Hong Kong government, the updated strategy creates a vision for a “trusted and innovative digital assets -eco system” that keeps growth in risk with risk management and investor protection.
The focus remains on stimulating financial benefits in practice and at the same time cherishing a dynamic, regulatory and innovation -friendly environment.
Paul Chan, the financial secretary, said:
“We strive to build up a more flourishing da -ecosystem that will integrate the real economy with social life through a careful regime regime and encouragement for market innovation, so that it will bring both economy and society benefits and at the same time consolidate the leading position of Hong Kong as an international financial center.”
Hong Kong’s Leap Framework
The core of the policy is a new Leap -Framework. This acronym stands for legal and regulatory streamlining, the expansion of tokenized products, promoting use cases and cross-sectoral cooperation and promoting people and the development of partnership.
An important development is the continuous establishment of a uniform regime regime for digital assets. The framework covers crypto fairs, stablecoin -mittenten, digital assets dealers and preservators.
The Securities and Futures Commission (SFC) will lead the license efforts and ensure that market participants meet strict standards.
Parallel, the Financial Services and Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) will supervise a legal assessment to support the tokenization of Real-World Assets. This includes efforts to alleviate regulatory obstacles in settlement, registration and registration for tokenized bonds and other instruments.
The policy also outlines stimuli for tokenizing activa such as government bonds, precious metals and instruments for renewable energy. These efforts are intended to stimulate liquidity and access to investors. Measures that are being considered include a favorable tax treatment for Tokenized grant-related funds (ETFs).
The government will insist on more real-world use cases, especially for stablecoins, to encourage broader acceptance within the upcoming license structure. The authorities also intend to improve cooperation between sectors by involving regulators, law enforcement and technology companies.
Finally, the explanation emphasizes the importance of talent development. New partnerships between the digital assets industry and academic institutions will help build up the skills to support the long-term innovation and the market for market.