Hong Kong Digital Asset Policy 2.0: RWA, Stablecoins, and a Comprehensive Regulatory Upgrade
#HongKong #RWA #Stablecoins
Introduction
On June 26, 2025, Hong Kong officially released the "Policy Statement on the Development of Virtual Assets 2.0," making it clear that the city aims to become a trusted global digital asset hub deeply embedded in the real economy.
Stablecoins, RWA (real-world asset tokenization), tokenized ETFs, regulatory coordination, pilot funding - every keyword sends a clear signal: Hong Kong is getting serious about Web3. And this time, it's not just empty rhetoric. This is about institutional upgrades, supporting infrastructure, committed funding, and heavyweight players already making moves.
In this article, we'll analyze the strategic intentions, implementation pathways, industry impact, and how project teams and investors can participate in this Web3 transformation - through the lens of the crypto ecosystem.
Policy 2.0 Is Not Just an Upgrade - It's a Roadmap for Hong Kong Web3
Many people might assume that "2.0" just means a minor update, but this time it is obviously not a simple patch. It's a systematic strategic blueprint.
Its framework is called LEAP, representing four core pillars:
L: Legal and Regulatory Streamlining
E: Expanding the Suite of Tokenised Products
A: Advancing Use Cases and Cross-sectoral Collaboration
P: People and Partnership Development
These four pillars cover rules, assets, applications, and talent - essentially connecting the top-level policy design to the bottom-layer infrastructure. It's about fixing internal gaps, attracting external capital and flows, and can be seen as a national-level Web3 renovation.
Key Focus 1: Stablecoins Are No Longer Peripheral Tools - They Are "Regulated Money"
Among all elements of Policy 2.0, the most striking is the redefinition of stablecoins. On August 1, the regulatory framework for stablecoin issuers will officially come into effect.This means stablecoins in Hong Kong will no longer be just a niche settlement tool among Web3 users, but will receive a regulatory passport to become mainstream payment infrastructure.
According to the official description, the framework covers:
Reserve asset management
Stability mechanism design
Redemption process arrangements
Risk control and prudential management
Simply put: this regime equips stablecoins with central-bank-level risk controls and credit support, meeting traditional financial compliance standards. As HashKey Group CEO Xiao Feng put it:"Stablecoins are no longer protocol tools - they are regulated money."
How big will the impact be?
Application Layer: Stablecoins will formally enter government payment systems, corporate cross-border settlements, e-commerce, and supply chain finance. This is the critical step from on-chain closed loops to off-chain adoption.
Industry Landscape: With regulatory clarity, over 40 institutions are already rushing to apply for licenses. These are not speculators - they are resource-rich, capital-backed, large-scale players who will dominate if the model proves successful.
Market Confidence: The previous "grey area" around stablecoins kept many banks and traditional institutions on the sidelines. Now, this policy helps open up bank account integration, settlement channels, RWA interfaces, and payment gateways.
Innovation Potential: If permitted, Hong Kong could become the world's first jurisdiction where government-led pilots use stablecoins for public bill payments, cross-border tax refunds, and B2B transactions.
Conclusion: Stablecoins are no longer optional - they are now the entry ticket to Hong Kong's Web3 table.
Key Focus 2: RWA Becomes a Core Track - Tokenization Is No Longer Just a Buzzword
The second major highlight is the RWA boom. For years, we have talked about how Web3 might integrate with the real economy. This time, Hong Kong has presented a practical roadmap, making RWA the most feasible lever.
Policy priorities include:
Institutionalizing government bond tokenization (HK$6.8 billion issued)
Stamp duty and profits tax exemptions for tokenized products
Encouraging on-chain tokenization of precious metals, green energy, EV revenue rights, solar assets
Facilitating tokenized ETFs and funds to trade on licensed secondary markets
This is not just talk. In the past 3 months alone, we have already seen a wave of RWA initiatives landing in Hong Kong:
Conflux & Ant Digital Tech released the first green energy swap RWA
OSL signed a strategic partnership with Ant Digital Tech on physical asset tokenization
Xiaomi Bank, Langxin Group, and JD Blockchain are all applying for stablecoin/RWA licenses
The government is also promoting tokenization in metal warehousing and logistics tracking, aiming to make Hong Kong a delivery hub for the London Metal Exchange.
This is not merely about "putting assets on-chain," but building a closed-loop financial innovation roadmap from tokenization → tradability → financialization.
In other words, RWA is no longer about "issuing a token and calling it a day" - it's a fully-fledged trading system with price discovery, liquidity, tax incentives, and compliance infrastructure.
Key Focus 3: Regulatory Licensing Systems Upgraded - 40+ Institutions Already Involved
This push is not about "making announcements first, figuring it out later."
Hong Kong has delivered real regulatory clarity and licensing pathways.Currently, the main licenses related to crypto include:
Type 1: Virtual asset dealing
Type 4: Digital asset advisory
Type 7: Automated trading system (commonly used for VASP exchanges)
Type 9: Asset management (managing virtual asset funds)
Additionally, there is the Omnibus Account framework. Brokers can collaborate with licensed exchanges like HashKey to offer clients compliant BTC/ETH trading channels. More than 30 brokers have integrated, with trading volumes exceeding HK$30 billion.
Notably, many traditional brokers such as Guotai Junan International, Tianfeng International, Futu Securities have also obtained upgraded virtual asset licenses - proving that this Web3 wave is attracting not only native crypto projects but the entire traditional financial system.
This compliance trend is a mainstream professional entrance, not a speculative free-for-all.
Quick Recap: Other Supporting Measures Are Underway
Beyond stablecoins and RWA, Policy 2.0 also introduces a host of supporting initiatives worth watching:
Tax exemptions for tokenized products clarified: Tokenized ETFs will enjoy the same tax benefits as traditional ETFs, potentially triggering a wave of fund products moving on-chain.
Cyberport pilot funding program launched: Covering RWA, stablecoins, payments, DID, Web3 security, and AI+blockchain, offering up to 80% funding capped at HK$500,000, application deadline August 1.
Project Ensemble for interbank tokenized settlement: Led by the HKMA, this aims to build core clearing infrastructure bridging traditional finance and on-chain assets.
Regulatory coordination and international cooperation: Strengthening information sharing among the SFC, HKMA, law enforcement, and overseas regulators to create a trusted compliance environment.
Talent development initiatives: Encouraging universities and Web3 companies to participate in talent incubation and research, positioning Hong Kong as a knowledge hub for digital assets.
Conclusion: This Is Not Just Hong Kong's Opportunity - It's Crypto's Redefinition Moment
The weight of Policy Statement 2.0 is not merely that Hong Kong wants to do Web3. It's a clear statement of intent:
Digital assets are not a grey area.
They are not regulatory loopholes.
They are the next evolution of the financial system.
Stablecoins and RWA are no longer footnotes in the Web3 story - they are the front door connecting traditional finance with on-chain ecosystems.
For industry participants, this is a window of opportunity:
Projects can pilot use cases, apply for grants, integrate with regulated trading infrastructure.
Investors can track tokenized funds, stablecoin payment rails, and compliant crypto brokerage segments.
For the industry as a whole, this is the beginning of dismantling old rules and building new ones:Compliance will thrive. The grey market will recede.
Hong Kong has provided a template. The question now is - who will truly LEAP?Not just "jump up," But "cross over."
