Hong Kong Unveils Policy Statement 2.0, Confirms Stablecoin Ordinance Launch for August 2025
Key Points:
- Hong Kong will implement the Stablecoin Ordinance on August 1, 2025.
- New policies cover regulation for stablecoins, tokenized real-world assets (RWA), exchanges, dealers, and custodians.
- The updated framework, dubbed LEAP, focuses on legal clarity, innovation, and real-world blockchain applications.
Hong Kong is set to enhance crypto regulation with the release of its Policy Statement 2.0, laying the groundwork for the Stablecoin Ordinance, scheduled to take effect on August 1, 2025. This updated policy strengthens oversight for stablecoin issuers and expands rules around tokenized real-world assets, continuing efforts launched in 2022.
The LEAP framework—standing for Legal clarity, Ecosystem development, Application focus, and People (talent)—underpins this new direction. It aims to create a supportive environment for blockchain innovation, including tax incentives for crypto-related profits and practical trials of stablecoin use.
In May, the Hong Kong government passed the Stablecoin Bill, introducing a licensing system for fiat-pegged token issuers. Eddie Yue, CEO of the Hong Kong Monetary Authority, highlighted the approach as “risk-based, pragmatic, and flexible,” aimed at encouraging responsible growth in the digital asset sector.
In support of tokenization, the Financial Services and Treasury Bureau (FSTB) and the Hong Kong Monetary Authority will review legal structures to support blockchain-based financial products like bonds, as well as assets such as gold, metals, and green energy credits.
Digital Asset Vision and Institutional Push
Financial Secretary Paul Chan emphasized that the new policy reinforces Hong Kong’s ambition to become a global crypto hub. He stressed the importance of merging digital assets with real economic activity and social utility through measured regulation and support for innovation.
Additionally, the Stablecoin Ordinance will open the door to a licensing regime for stablecoin issuers starting in August. This will encourage institutional adoption of regulated stablecoins like USDC, with the government inviting market players to propose pilot use cases.
Adding momentum to this shift, Ant Group announced plans to seek a license under the new framework, expressing interest in issuing fiat-backed stablecoins once the new rules take effect.
