Hong Kong reveals new stablecoin guidelines and tokenized bond plans

Uncover insights within the Web3 area. This article dives into: “Hong Kong reveals new stablecoin rules and tokenized bond plans”.

Hong Kong’s newest digital asset blueprint locations stablecoin regulation and asset tokenization on the coronary heart of its technique to turn out to be 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 improvement. It builds on the inspiration 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 development of real-world use cases.”

The Securities and Futures Commission (SFC) will oversee licensing for digital asset (DA) dealing and custody suppliers, whereas the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority will lead a authorized assessment to help the tokenization of real-world property (RWAs).

Hong Kong’s second coverage assertion on digital property. Source: HK Gov

Related: Hong Kong to make use of Chainlink protocol in CBDC pilot mission

Hong Kong to manage tokenized bonds

The authorities additionally plans to “regularise the issuance of tokenized Government bonds” and promote tokenized ETFs by clarifying their stamp responsibility remedy.

“With that, the Government welcomes the introduction of secondary market trading of these tokenized ETFs on licensed DA trading platforms or through other channels,” the coverage assertion mentioned.

Beyond bonds and funds, the federal government mentioned it goals to incentivize tokenization throughout broader sectors, together with metals and renewable power property, demonstrating “the versatility of this technology across sectors such as precious metals (e.g., gold)… and solar panels.”

The coverage additionally contains new measures to spice up innovation, resembling a Cyberport funding program geared toward supporting standout blockchain and digital asset tasks.

In a press release, Financial Secretary Paul Chan mentioned the brand new framework “showcases the practical use of tokenization” and goals to “build a more flourishing DA ecosystem which will integrate the real economy with social life.”

The authorities mentioned it’s going to quickly launch public consultations on new licensing regimes.

Related: Hong Kong to develop crypto monitoring software for cash laundering

Hong Kong eyes crypto derivatives

Earlier this month, Hong Kong’s monetary authorities mentioned they have been getting ready to introduce digital asset derivatives buying and selling for skilled buyers.

The initiative follows latest approvals for spot crypto ETFs, futures merchandise and staking companies, together with a inexperienced mild for HashKey to supply staking in April, as town positions itself as a number one digital finance hub.

In May, town’s Legislative Council handed the Stablecoin Bill, paving the way in which for a regulated framework that might place the area as a worldwide chief in digital property and Web3 improvement.

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