Hong Kong’s newest digital asset blueprint locations stablecoin regulation and asset tokenization on the coronary heart of its technique to turn into a worldwide crypto and fintech hub.
The coverage assertion, issued on Thursday, introduces a framework often known as “LEAP,” concentrating on authorized readability, ecosystem growth, real-world functions, and expertise improvement. It builds on the muse laid by the federal government’s first coverage assertion in October 2022.
As a part of the brand new framework, the federal government will implement a licensing regime for stablecoin issuers beginning Aug. 1, which “will facilitate the event of real-world use instances,” per the announcement.
The Securities and Futures Fee (SFC) will oversee licensing for digital asset (DA) dealing and custody suppliers, whereas the Monetary Providers and the Treasury Bureau (FSTB) and the Hong Kong Financial Authority will lead a authorized evaluate to help the tokenization of real-world belongings (RWAs).
Associated: Hong Kong to make use of Chainlink protocol in CBDC pilot undertaking
Hong Kong to manage tokenized bonds
The federal government additionally plans to “regularise the issuance of tokenized Authorities bonds” and promote tokenized ETFs by clarifying their stamp obligation remedy.
“With that, the Authorities welcomes the introduction of secondary market buying and selling of those tokenized ETFs on licensed DA buying and selling platforms or by different channels,” the coverage assertion stated.
Past bonds and funds, the federal government stated it goals to incentivize tokenization throughout broader sectors, together with metals and renewable power belongings, demonstrating “the flexibility of this know-how throughout sectors reminiscent of valuable metals (e.g. gold)… and photo voltaic panels.”
The coverage additionally contains new measures to spice up innovation, reminiscent of a Cyberport funding program aimed toward supporting standout blockchain and digital asset initiatives.
In a press release, Monetary Secretary Paul Chan stated the brand new framework “showcases the sensible use of tokenization” and goals to “construct a extra flourishing DA ecosystem which is able to combine the true economic system with social life.”
The federal government stated it should quickly launch public consultations on new licensing regimes.
Associated: Hong Kong to develop crypto monitoring device for cash laundering
Hong Kong eyes crypto derivatives
Earlier this month, Hong Kong’s monetary authorities stated they’re getting ready to introduce digital asset derivatives buying and selling for skilled traders.
The initiative follows current approvals for spot crypto ETFs, futures merchandise, and staking companies, together with a inexperienced mild for HashKey to supply staking in April, as the town positions itself as a number one digital finance hub.
Moreover, in Could, the town’s Legislative Council handed the Stablecoin Invoice, paving the best way for a regulated framework that might place the area as a worldwide chief in digital belongings and Web3 improvement.
Journal: MapleStory apologizes for cheaters, Tokyo Beast blows up in Japan, FIFA Rivals: Web3 Gamer