Hong Kong Announces Second Policy Statement on Digital Assets, Expanding RWA Portfolio and Establishing Periodic Sovereign Digital Bond Issuance Mechanism.
The Hong Kong government today announced its second Policy Statement 2.0 on digital asset development, outlining plans to expand the eligible real-world asset (RWA) portfolio and broaden their application scope. The special administrative region aims to establish a periodic sovereign digital bond issuance mechanism, following successful global-leading issuances in this field.
"Policy Statement 2.0 clearly articulates our vision for digital asset development and demonstrates the practical applicability of Tokenization through use cases, with the goal of promoting application diversification," said Paul Chan, Hong Kong's Financial Secretary.
The government plans to enact legislation regulating digital asset traders and custodians, with the Securities and Futures Contract (SFC) serving as the primary regulatory body. Banks participating in these activities will remain under the Hong Kong Monetary Authority (HKMA) supervision.
Besides the digital bond market – which is being reviewed by the Finance Ministry and HKMA – the government also aims to Tokenize commodities, particularly metals through warehouse receipts. However, this activity will be closely monitored due to past fraud precedents.
Sandbox and Wholesale CBDC Infrastructure
The statement emphasizes Project Ensemble – Hong Kong's experimental platform for Tokenization models, Tokenized deposits, and wholesale Central Bank Digital Currency (CBDC). HKMA is currently developing the Ensemble Infrastructure to support interbank payments via Tokenized deposits.
The policy also mentions the potential Tokenization of gold, solar batteries, and other physical assets, significantly expanding the application scope compared to the previous phase.
Simultaneously, stablecoin legislation will officially take effect on August 1st, while Cyberport – Hong Kong's technology center – will play a role in incubating Tokenization projects. The government also particularly emphasizes developing high-quality human resources and expanding the digital asset ecosystem.
This policy positions Hong Kong as a key testing ground for Tokenization innovation, leveraging the special administrative region's unique role as a bridge between blockchain applications in mainland China and the international market.
