Building on the momentum from two successful green bond issuances in 2023 and 2024, Hong Kong is preparing its next tokenized bond batch. Financial Secretary Christopher Hui emphasized that this is more than a one-off initiative—it’s a step toward integrating tokenized debt instruments as a regular component of the city’s financial strategy.

Blockchain-Based Bonds Signal Institutional Maturity

The upcoming bond issuance will be recorded and settled using distributed ledger technology (DLT), offering enhanced transparency and efficiency. By doing so, Hong Kong aims to boost institutional confidence and attract global investors to its blockchain-powered financial infrastructure.

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The government is also exploring tax incentives, such as stamp duty exemptions on tokenized ETFs, to encourage wider adoption of tokenized assets in mainstream markets.

A Strategic Leap With Policy 2.0

These moves align with the newly launched Digital Asset Development Policy 2.0, also known as the “LEAP” framework. This forward-looking strategy focuses on legal clarity, ecosystem growth, real-world use cases, and talent development.

Starting August 1, stablecoin issuers will be required to operate under a licensing regime. Simultaneously, public consultations are underway for digital asset trading platforms and custodial services, running through the end of August.

Further bolstering its digital credentials, Hong Kong Exchanges and Clearing (HKEX) has launched real-time price indexes for Bitcoin and Ethereum, providing local reference pricing during Asian market hours to support institutional involvement.

The city’s ambitions don’t stop there. Regulators are preparing the ground for digital asset derivatives, including ETFs and staking services. With legislative support such as the recently passed Stablecoin Bill, Hong Kong is solidifying its global leadership in digital finance and Web3 innovation.

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What’s in the New Staking Rules?

Under the new circular, crypto exchanges must:

• Obtain written approval before offering staking services.
• Retain control over staked assets — no third-party custody allowed.
• Fully disclose all risks, fees, lock-up periods, and custodial details.
• Report staking activities to the SFC regularly.

These rules also apply to regulated funds with over 10% exposure to staked digital assets. Funds can only stake assets available to the public on SFC-approved platforms, and leveraged staking is strictly prohibited.

SFC Emphasizes Web3 Vision

At the Hong Kong Web3 Festival, SFC’s Christina Choi stated:

“The SFC is committed to supporting Hong Kong’s Web3 journey.”

Citing NFT market volatility, she emphasized a pragmatic approach to Web3 — focusing on strong fundamentals and sustainable ecosystem building rather than chasing hype.

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Hong Kong remains a top 3 financial hub globally, offering regulatory clarity and easy access to Asian markets — a major draw for Web3 firms.

ASPIRe Roadmap: Future-Proofing Crypto

The city’s ASPIRe strategy includes 12 initiatives across five pillars, such as market access, regulatory optimization, and blockchain efficiency — all aimed at cementing Hong Kong’s crypto leadership.

Choi emphasized the convergence of traditional finance and digital economies:

“The zero-to-one breakthrough has been made; now it’s about going from one to 100.”

NFT Market Weakens

SFC’s announcements come amid a 70% drop in NFT daily trading volume. Bybit shut down its NFT marketplace, following in the footsteps of X2Y2, as interest continues to wane.

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The Dubai Multi Commodities Centre (DMCC) reported on the market potential and opportunities for Web3 applications. These applications use blockchain to build decentralized digital infrastructure, such as cryptocurrency, Decentralized Finance (DeFi), and the metaverse. According to the Centre, the metaverse market is predicted to reach $3.4 trillion by 2027. This surge was attributed to the possibility of robust use cases and quick advances in artificial intelligence.

Furthermore, the DMCC predicts significant growth in the worldwide Decentralized Finance (DeFi) sector, with a predicted increase from $13.6 billion in 2022 to $600 billion in 2032. Bitcoin’s return in 2023 is a clear indicator of revived industrial and institutional interest in long-term, value-generating crypto services.

DMCC Spearheads Dubai’s Crypto Ambitions with Dedicated Hub

The DMCC is Dubai’s flagship free zone, giving tax breaks and other benefits to entice entrepreneurs. This campaign coincided with an increase in the number of crypto enterprises establishing a foothold in the UAE, banking on the region’s ambition to become a prominent global cryptocurrency hub.  The DMCC Crypto Centre’s primary goal is to promote cooperation and networking opportunities for entrepreneurs in the crypto and blockchain sectors by providing a shared office environment. In the past year, the crypto centre’s membership reached 600. The notable partners include Bybit and Solana.

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This latest development follows the passage of a landmark financial markets bill in June 2023. This bill laid the groundwork for treating crypto assets, including stablecoins, as regulated financial activities within the U.K.

Local regulators, the Financial Conduct Authority (FCA) and the Bank of England (BoE), have already been actively involved in shaping the crypto regulatory landscape. In February 2024, they held consultations to define a framework for stablecoin regulation. The BoE plans to oversee systemically important stablecoin providers, while the FCA will focus on regulating the broader crypto ecosystem.

Time is of the Essence

Afolami previously hinted at additional stablecoin legislation in February, emphasizing the government’s goal of implementation within six months. This urgency likely stems from the U.K.’s upcoming election, potentially in 2024. A change in government could lead to a shift in crypto policy, with the current frontrunner, the Labour Party, having yet to reveal its specific plans.

What This Means for the Crypto Industry

The introduction of comprehensive crypto regulations in the U.K. signifies a significant development for the industry. It provides greater clarity for businesses operating in the space and fosters a more secure environment for investors. This could potentially attract new players and investment to the U.K.’s crypto scene.

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