Hong Kong is implementing a new strategy called LEAP aimed at streamlining regulatory processes and promoting tokenized assets, making the city a leader in digital finance.
Legal and Regulatory Streamlining
Hong Kong's new Policy Statement 2.0 enhances legal clarity by allowing the Securities and Futures Commission (SFC) to oversee digital asset trading. Furthermore, updates to laws regarding tokenized securities are underway.
Expanding Tokenized Assets
The government plans to make tokenized government bonds a regular feature, and also encourages tokenizing ETFs, gold, metals, and green assets alongside clear regulations to enhance secondary market trading.
Supporting Stablecoin Use Cases
A new licensing regime for stablecoin issuers will come into effect on August 1, following the approval of the Stablecoins Ordinance. Cyberport has introduced a pilot funding scheme offering up to HK$500,000 per project to support tokenization and blockchain innovations.
The LEAP strategy, aimed at simplifying access to digital finance, will allow Hong Kong to remain at the forefront of technological innovations and become a significant player in the global financial landscape.
