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Hong Kong issued a second statement on policy to speed up his digital asset (DA) and strengthening his ambition to become a global leader in financial innovation.
Latest declarationof 26 June and is called “Policy Declaration 2.0”, expanding the framework set out in the initial edition since October 2022.
According to the government of Hong Kong, an updated strategy creates a vision of a “trusted and innovative digital asset ecosystem” that balances risks growth and investors.
Emphasis remains on the management of financial benefits in the real world and at the same time raises a dynamic, regulatory and innovative environment.
Financial Secretary Paul Chan said:
“We are trying to build a flourishing da ecosystem that will integrate the real economy with social life through a cautious regulatory regulation and encouragement to innovate on the market, so it will bring benefits both the economy and society as well as consolidate the leading Hong Kong position of the International Financial Center.”
Hong Kong jump framework
The core of politics is the new LEAP framework. This abbreviation is an abbreviation for legal and regulatory streamlining, expanding tokenized products, developing cases of use and intermediate cooperation and support for people and partnership development.
One of the key development is to continue creating a united Regulatory mode for digital assets service providers. The framework will apply to cryptometers, Stablecoin publishers, digital assets and administrators.
The Securities and Futures Commission (SFC) will make license efforts and ensure that market participants meet strict standards.
In parallel, the Financial Services and Treasury Bureau (FSTB) and the Hong Kong Monetary Office (HKMA) will supervise a legal review to support the tokenization of assets in the real world. This includes an effort to alleviate regulatory obstacles in settlement, records and registration for tokenized bonds and other tools.
This policy also outlines incentives for tokenization of assets such as government bonds, precious metals and renewable energy tools. The aim of this effort is to increase the liquidity and approach of investors. The measures considered include favorable tax treatment of tokenized funds traded on the stock exchange (ETF).
The government will promote more Cases of use in the real world, especially in stablecoins, to support a wider acceptance within the upcoming license structure. The authorities also plan to improve cooperation across sectors by involving regulatory bodies, enforcement of law and technical companies.
Finally, this statement emphasizes the importance of talent development. The new partnership between the industry of digital assets and academic institutions will help build skills to support long -term innovation and maturity of the market.
