On June 26, 2025, Hong Kong officially released the ‘Policy Statement on the Development of Virtual Assets 2.0,’ outlining its ambition to become a leading global hub for digital assets deeply integrated into the real economy.
LEAP Strategy: New Framework for Web3
The new strategy is called LEAP, representing four key pillars: Legal and Regulatory Streamlining, Expanding the Suite of Tokenised Products, Advancing Use Cases and Cross-sectoral Collaboration, People and Partnership Development. These pillars aim to bridge high-level policy design with lower-layer infrastructure.
Stablecoins as Regulated Money
One of the key aspects of the new policy is the redefinition of stablecoins. From August 1, 2025, a new regulatory framework for issuers will take effect, making stablecoins an integral part of the payment infrastructure. As Xiao Feng, CEO of HashKey Group, stated: 'Stablecoins are no longer protocol tools — they are regulated money.' This opens up new applications in government settlements, corporate transactions, and e-commerce.
Tokenization of Real Assets: Practical Steps
The second major highlight is the resurgence of Real World Asset (RWA) tokenization. Policy priorities include institutionalizing government bond tokenization and offering tax exemptions for tokenized products, aiming to integrate Web3 with the real economy, demonstrated through recent initiatives and partnerships in Hong Kong.
The Policy Statement 2.0 not only shows Hong Kong’s drive to develop Web3 but also places digital assets as a core component of the financial system. With stablecoins and RWA tokenization gaining prominence, new opportunities are emerging for the market.
