On July 1, 2025, Hong Kong will celebrate its 28th anniversary of its return. From the Pearl of the Orient to an international financial center, this city has always been at the forefront of global institutional convergence and capital flow. Today, Hong Kong is embarking on a new journey: using Web3 as the underlying technological paradigm, digital assets as the financial core, and redefining the connotation of 'financial center' with a global perspective and policy advantages.
When we talk about 'Hong Kong's Web3 path', it is never just an industrial upgrade but an extension of a national strategy of 'leading high-quality development through technological innovation' and a historic leap in the deep integration of technological revolution and financial civilization.
From the establishment of the financial freeport to the release of the virtual asset policy declaration in 2022, and to the launch of the (Hong Kong Digital Asset Development Policy Declaration 2.0) in 2025—this city has always responded to the uncertainty of the industry with policy certainty.
The policy declaration 2.0 is not merely 'regulatory strengthening' but a systemic upgrade built around the 'LEAP' strategic framework: LEAP stands for Legal (legal compliance), Expanding (tokenization of assets), Advancing (expansion of application scenarios), and People (talent development), reflecting Hong Kong's comprehensive layout and long-term planning in the digital asset field.
Clarifying stablecoin regulation, a stablecoin licensing system will be officially implemented on August 1, 2025, creating a globally leading precedent.
RWA tokenization has been designated as a key industry, promoting the normalization of bond issuance and planning to include gold, green energy, and electric vehicle assets in the scope of tokenization.
Tokenized ETFs and digital asset funds enjoy exemptions from stamp duty and profits tax, further enhancing tax competitiveness.
The number of digital asset trading platform licenses has increased to 11, and channels for derivatives and leveraged financing are gradually being opened.
Promoting talent development, Cyberport's innovation fund collaborates with universities to establish a Web3 talent ecosystem.
Behind all this is a high confidence in the compatibility and openness of Hong Kong's financial system, as well as a strategic choice to use Hong Kong as a 'bridgehead' in international financial games.
Technology habitat, capital access point, new boundaries of trust.
The development of Web3 is not just a technological change but a fundamental reshaping of the paradigm of efficiency and trust. In an era filled with anxiety and expectations for a new generation of financial infrastructure, Hong Kong has chosen a pragmatic and visionary path: neither blindly chasing trends nor being self-contained.
The so-called 'technology habitat' refers not only to the landing and experimentation of underlying technologies like blockchain in Hong Kong but also to the empowerment of regulatory systems and financial scenarios, allowing them to truly step out of the ivory tower of 'code' and 'white papers'. Today, mechanisms such as on-chain asset issuance, on-chain clearing, and on-chain identity verification have blossomed in multiple places in Hong Kong, becoming public goods in reality rather than isolated technological demonstrations.
'Capital access point' not only means that Hong Kong continues to play its role as a liquidity hub for offshore RMB and global capital markets but also that it can bridge the systems that 'originally did not communicate' between traditional finance and Web3. A family office leader once commented, 'In Hong Kong, digital assets can finally be configured like funds and bonds.'
As for the 'new boundaries of trust', this is not an abstract concept but a reality being constructed by law, technology, and institutions. The immutability of on-chain transaction records, the verifiability of audit mechanisms, and the synergistic advancement of KYC and AML frameworks have rebuilt a trust system recognized by institutions for Web3. To some extent, Hong Kong has transformed 'compliance' from a constraint into an accelerator.
In this innovative practice, a group of leading companies represented by HashKey has emerged in Hong Kong, actively participating in and leading industry changes. Recently, HashKey, in collaboration with traditional financial institution GF Securities, launched Hong Kong's first on-chain securities product, GF Token, which achieved a trading volume exceeding HKD 200 million on its first day. Its licensed virtual asset exchange, HashKey Exchange, has introduced an Omnibus comprehensive account service that covers 90% of licensed brokers in Hong Kong, greatly lowering the participation threshold for institutions.
The 'Hong Kong question' in the global new order.
Against the backdrop of a renewed game between the US dollar system and technological capital, China urgently needs a new financial space that connects global resources, promotes the evolution of digital asset systems, and undertakes pilot missions. Hong Kong stands firmly at the intersection of this global reshaping.
The introduction of Web3 policies is not accidental but a necessary result of the era's choice, supported by profound economic and technological logic:
Although the capital market has not yet migrated en masse to on-chain, the efficiency of on-chain asset circulation has noticeably improved. For instance, on-chain settlement times have been reduced from the traditional T+2 to seconds, and transaction costs have decreased by over 80%.
The global fiat currency system continues to be under pressure, with the average number of interest rate hikes by major central banks worldwide reaching its highest point in recent years in 2024, further driving the institutional demand for stablecoins as 'technological currencies'.
The integration of artificial intelligence and blockchain is profoundly changing the underlying structure of finance, with on-chain credit, on-chain identity, and on-chain transaction logic constructing a new trust framework.
The financial cognitive structure of the younger generation is undergoing a shift, with trust beginning to transition from licensed institutions to on-chain consensus mechanisms, driving the rapid growth of a new financial system.
In this context, the policy innovation space provided by Hong Kong, built on the trust foundation accumulated as an international financial center, is accelerating its transformation into a global digital asset hub with Web3 policy 2.0 as its engine.
Hong Kong's role is no longer just as a 'regulatory testing ground', but as a gathering port for global Web3 strategic resources, a two-way channel linking traditional finance and decentralized finance (DeFi) in Asia, and a regulatory coordinate for RWA and stablecoin compliance.
It can be said that in an era where on-chain efficiency continues to improve and the tide of digital asset institutionalization is coming, Hong Kong should inevitably play a leading role in the global new financial order.
Conclusion | The era has chosen Hong Kong, and Hong Kong has chosen Web3.
2025 is a critical juncture for Hong Kong to restart with digital sovereignty and institutional innovation. Web3 is not only a technological revolution but also a strategic anchor that Hong Kong proactively found in global governance, financial competition, and technological paradigm reconstruction. We are witnessing the new decade of the digital economy belonging to Hong Kong, China, and even the world.