Hong Kong sharpens crypto hub focus amid rising global competition with new blueprint

Hong Kong is intensifying its bid to become a global digital asset (DA) hub with the release of an updated policy statement focused on accelerating stablecoin use and tokenisation efforts, amid renewed momentum in the US this year.

“The government’s highly anticipated Policy Statement 2.0, aimed at establishing Hong Kong as a global digital assets hub, comes at a time when Trump 2.0 is trying to make America the ‘crypto capital of the planet’,” said Andrew Fei, a partner at King & Wood Mallesons in Hong Kong.

Hong Kong is committed to bringing itself “to new heights of global digital asset leadership” in response to the “evolving global DA landscape”, the Financial Services and the Treasury Bureau (FSTB) said in the policy statement.

The document comes as the US has rapidly become a more favourable environment for crypto companies this year, under the friendlier policies of the second administration of President Donald Trump. Cryptocurrency values have surged since his election in November, which has also energised business activity in the sector.

Last week, the US Senate passed a bill regulating the use of stablecoins, called the Genius Act, after Hong Kong passed its own law on the assets in May. The Hong Kong ordinance will take effect on August 1.

It shows that the “global race for digital assets innovation is well under way”, Fei said.

Source link

Visited 1 times, 1 visit(s) today

Related Article

Artist Jerry Loo with the Superhero Landing sculpture featuring at the PMQ exhibition in Hong Kong’s Central district. Photo: Neon Heroes

‘Neon Heroes’ shines light on Hong Kong’s illuminated heritage

For decades, neon signs lit up Hong Kong, casting vivid hues across the urban jungle. But as government regulations continue to tighten, most of those glowing tubes have been replaced with LED. Artist Jerry Loo with the Superhero Landing sculpture featuring at the PMQ exhibition in Hong Kong’s Central district. Photo: Neon Heroes Running from

27 June 2025
1,000 premium taxis to operate in Hong Kong in July, half the intended number

1,000 premium taxis to operate in Hong Kong in July, half the intended number

About 1,000 premium taxis will hit the streets of Hong Kong in July, falling short of the government’s target by about 50 per cent, despite the positive responses received during the trial, according to an official. Commissioner for Transport Angela Lee Chung-yan said on Friday that the Transport Department would grant official licences to five

27 June 2025
HK$15 meals for 50,000 elderly Hong Kong residents in coupon initiative

HK$15 meals for 50,000 elderly Hong Kong residents in coupon initiative

About 50,000 elderly Hong Kong residents will receive coupons in July and October, enabling them to purchase breakfast or afternoon tea for HK$15 (US$2) as part of a government-funded initiative. Secretary for Labour and Welfare Chris Sun Yuk-han announced on Friday that participants would receive six coupons next month, which can be used to buy

27 June 2025
Logo Hongkong Land Holdings Limited

Hongkong Land Buys Back Shares

Hongkong Land Holdings Limited is a property investment, management and development company. It owns and manages approximately 850,000 square meters (sq. m.) of prime office and luxury retail assets in several Asian cities. Its segments include Investment properties and Development properties. Its Central Hong Kong portfolio represents approximately 450,000 sq. m. of prime property. It

27 June 2025
(Clockwise from top left) Secretary for Transport and Logistics Mable Chan, CIMC Enric Holdings president Leo Yang Xiaohu, CIMC Enric Technology Innovation Sharing Centre general manager Li Dong and principal assistant secretary of the Transport and Logistics Bureau Klaus Chan, at the MOU signing ceremony on Wednesday. Photo: Handout

Hong Kong has potential to become green marine fuel hub with Beijing’s backing

Hong Kong can become a regional trading hub for green marine fuel and help augment China’s influence on supply and pricing, according to an industry player. “Hong Kong’s advantages lie in its roles as an international free port, shipping and financial hub, and the government’s willingness to support energy transition and green finance,” said Leo

27 June 2025
People celebrate the ceasefire between Iran and Israel at Enghelab Square in Tehran, Iran, on June 24. The ceasefire was declared on Tuesday. Photo: Xinhua

US-China rare earth agreement, Xi set to miss Brics summit: SCMP’s 7 highlights

We have selected seven stories from the SCMP’s coverage over the past week that resonated with our readers and shed light on topical issues. If you would like to see more of our reporting, please consider subscribing. 1. White House says US reaches ‘understanding’ with China on rare earth shipments The United States and China

27 June 2025
0
Would love your thoughts, please comment.x
()
x