Hong Kong’s newest digital asset blueprint locations stablecoin regulation and asset tokenization on the coronary heart of its technique to develop into a worldwide crypto and fintech hub.
The coverage assertion, issued on Thursday, introduces a framework referred to as “LEAP,” concentrating on authorized readability, ecosystem growth, real-world functions, and expertise growth. 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 circumstances,” 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 assessment to help the tokenization of real-world belongings (RWAs).
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Hong Kong to control 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 means of different channels,” the coverage assertion mentioned.
Past bonds and funds, the federal government mentioned it goals to incentivize tokenization throughout broader sectors, together with metals and renewable power belongings, demonstrating “the flexibility of this expertise throughout sectors similar to treasured metals (e.g. gold)… and photo voltaic panels.”
The coverage additionally consists of new measures to spice up innovation, similar to a Cyberport funding program geared toward supporting standout blockchain and digital asset tasks.
In a press release, Monetary Secretary Paul Chan mentioned 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 actual financial system with social life.”
The federal government mentioned it’ll quickly launch public consultations on new licensing regimes.
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Hong Kong eyes crypto derivatives
Earlier this month, Hong Kong’s monetary authorities mentioned they’re making ready to introduce digital asset derivatives buying and selling for skilled traders.
The initiative follows latest approvals for spot crypto ETFs, futures merchandise, and staking providers, together with a inexperienced gentle for HashKey to supply staking in April, as town positions itself as a number one digital finance hub.
Moreover, in Could, town’s Legislative Council handed the Stablecoin Invoice, paving the best way for a regulated framework that would place the area as a worldwide chief in digital belongings and Web3 growth.
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