Hong Kong has introduced a new regulatory framework for stablecoins and tokenized assets, reinforcing its ambition to become a leading cryptocurrency hub.
The "LEAP" initiative, which focuses on legal clarity, ecosystem growth, real-world adoption, and talent development, is based on its policy for 2022.
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Starting August 1, stablecoin issuers will be required to obtain licenses, while the SFC will oversee the dealing and custody of digital assets.
The government also plans to regularize the issuance of tokenized bonds and clarify rules regarding tokenized ETFs.
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In addition, Hong Kong aims to expand tokenization to metals, renewable energy, and other sectors, along with new funding programs for blockchain innovation.