Hong Kong details new policy for RWA tokenization and stablecoins

• Hong Kong expands regulation on tokenized assets and RWAs
• Statement defines tax rules for tokenized ETFs
• New policy pushes for licensing of stablecoin issuers

The Hong Kong government has published a new policy statement aimed at strengthening the digital asset sector, with a focus on tokenizing real-world assets (RWA) and advancing cryptocurrency regulation. The Policy Statement 2.0 introduces the “LEAP” model, designed to solidify the legal framework and promote the integration of blockchain technology into the region’s financial system.

📢 Hong Kong doubles down on Web3 with the release of the Digital Asset Development Policy Declaration 2.0.

HashKey Group Chairman Dr. Xiao Feng breaks it down: from stablecoins and RWA to global-scale compliance — the next phase is here.

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— HashKey Group (@HashKeyGroup) June 26, 2025

Paul Chan, Financial Secretary of Hong Kong, stated that “through blockchain technology, more efficient financial transactions at a lower cost can be carried out, bringing more inclusive financial services.” According to him, the new policy defines the government’s vision for the development of digital assets (DA), expanding the use cases of tokenization.

The statement signals concrete steps to streamline the licensing of cryptocurrency trading platforms, stablecoin issuers and custodians. The Securities and Futures Commission (SFC) will be responsible for the regulatory regimes for these players, while the Financial Services and Treasury Bureau (FSTB) and the Hong Kong Monetary Authority will work to fine-tune the legal framework to enable the tokenization of real assets.

Hong Kong also plans to standardize the issuance of tokenized government bonds, as well as encourage the tokenization of circulating fixed assets. The policy also mentions the importance of clarifying tax rules for tokenized ETFs and enabling their trading in the secondary market through cryptocurrency exchanges.

Other sectors targeted for tokenization expansion include precious metals, non-ferrous metals, and renewable energy-related assets. To facilitate practical adoption, the government plans to foster collaborations between regulators, technology companies, and law enforcement agencies.

OSL Group Chief Commercial Officer Eugene Cheung commented that the cross-departmental commitment to tokenizing RWAs “is a significant step in establishing the city as a global leader in digital asset innovation.” He also highlighted that the recent tax incentives demonstrate the government’s proactive stance toward market demands.

Approved in May, the new licensing regime for stablecoin issuers will come into effect on August 1, cementing yet another pillar of Hong Kong's regulatory strategy for digital assets.