7.1 Era Resonance | The Next Decade of Hong Kong Web3 Begins Now
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7.1 Era Resonance | The Next Decade of Hong Kong Web3 Begins Now
The era has chosen Hong Kong, and Hong Kong has chosen Web3.
Navigating Web3 tides with focused insightsOn July 1, 2025, Hong Kong marks its 28th anniversary since reunification. From the "Pearl of the Orient" to a global financial hub, this city has consistently stood at the forefront of global institutional convergence and capital flows. Today, Hong Kong is embarking on a new journey: leveraging Web3 as its foundational technological paradigm, digital assets as the core of finance, and combining global vision with policy advantages to redefine the meaning of a "financial center."
When we speak of "Hong Kong's path in Web3," it is never merely an industrial upgrade, but rather an extension of the national strategy to "lead high-quality development through technological innovation"—a historic leap forward where technological revolution and financial civilization deeply converge.
From establishing itself as a free financial port, to releasing its Virtual Asset Policy Statement in 2022, and now launching the *Hong Kong Digital Assets Development Policy Statement 2.0* (Policy 2.0) in 2025—this city has consistently used policy certainty to respond to industrial uncertainty.
Policy 2.0 is not simply about “tighter regulation,” but represents a systemic upgrade centered around the “LEAP” strategic framework: LEAP stands for Legal (regulatory compliance), Expanding (tokenization of assets), Advancing (expansion of use cases), and People (talent development)—reflecting Hong Kong’s comprehensive layout and long-term planning in the digital asset domain.
- Clear stablecoin regulations will officially implement a licensing regime for stablecoins starting August 1, 2025, setting a globally leading precedent;
- RWA (Real-World Asset) tokenization is prioritized as a key industry, promoting regular bond issuance and planning to include gold, green energy, and electric vehicle assets in tokenization initiatives;
- Tokenized ETFs and digital asset funds enjoy stamp duty and profits tax exemptions, further enhancing tax competitiveness;
- Licenses for digital asset trading platforms have increased to 11, with gradual liberalization of derivatives and leveraged financing channels;
- Talent development is being advanced through the Cyberport Innovation Fund collaborating with universities to build a Web3 talent ecosystem.
Beneath all this lies deep confidence in the compatibility and openness of Hong Kong’s financial system—and strategically, a deliberate choice to position Hong Kong as a “bridgehead” in international financial competition.
Technological Habitat, Capital Gateway, New Frontier of Trust
The evolution of Web3 is more than just a technological shift—it fundamentally reshapes paradigms of efficiency and trust. At a time when the world anxiously anticipates next-generation financial infrastructure, Hong Kong has chosen a path balancing pragmatism and foresight—one that neither blindly follows trends nor remains stagnant.
"Technological habitat" refers not only to the implementation of foundational technologies like blockchain in Hong Kong, but also to how regulatory frameworks and financial applications jointly empower these innovations to move beyond the ivory towers of “code” and “white papers.” Today, mechanisms such as on-chain asset issuance, on-chain settlement, and on-chain identity verification are flourishing across Hong Kong, becoming real public goods rather than isolated tech demonstrations.
The "capital gateway" signifies not only Hong Kong’s continued role as a liquidity hub linking offshore RMB and global capital markets, but also its ability to bridge systems previously deemed incompatible between traditional finance and Web3. As one family office executive remarked: “In Hong Kong, digital assets can finally be portfolio-allocated just like funds or bonds.”
As for the "new frontier of trust," this is no abstract concept, but a reality being collectively built by law, technology, and institutions. Immutable on-chain transaction records, verifiable audit mechanisms, and coordinated advancement of KYC and AML frameworks have reconstructed a trust system for Web3 that institutions can recognize. In many ways, Hong Kong has transformed “compliance” from a constraint into an accelerator.
In this innovative journey, a group of pioneering companies led by HashKey have emerged, actively shaping and driving industry transformation. Recently, HashKey partnered with GF Securities—a traditional financial institution—to launch GF Token, Hong Kong’s first on-chain securities product, achieving over HK$200 million in trading volume on its debut day. Its licensed virtual asset exchange, HashKey Exchange, introduced the Omnibus Integrated Account service, covering 90% of Hong Kong’s licensed brokers, significantly lowering institutional entry barriers.
The "Hong Kong Question" in a New Global Order
Against the backdrop of renewed contestation between the dollar system and tech capital, China urgently needs a new financial space capable of connecting global resources, advancing digital asset institutional evolution, and fulfilling pilot missions. And Hong Kong stands firmly at this pivotal intersection of global restructuring.
The introduction of Web3 policies is no accident, but an inevitable outcome shaped by powerful economic and technological forces:
- Although capital markets have yet to migrate en masse onto chains, on-chain asset circulation efficiency has already improved significantly. For example, settlement times have shortened from traditional T+2 to seconds, while transaction costs have dropped by over 80%;
- Fiat monetary systems worldwide remain under sustained pressure. In 2024, major central banks raised interest rates at the highest average frequency in recent years, further fueling institutional demand for stablecoins as “technology-native money”;
- The convergence of artificial intelligence and blockchain is profoundly reshaping financial foundations, with on-chain credit, on-chain identity, and on-chain transaction logic forming a completely new trust architecture;
- A generational shift in financial cognition is underway—trust is increasingly shifting from licensed institutions to on-chain consensus mechanisms, accelerating the growth of new financial systems.
Under these conditions, Hong Kong—empowered by the policy innovation space provided by “One Country, Two Systems,” fortified by decades of trust accumulated as an international financial center, and driven by Policy 2.0—is rapidly transforming into a global digital asset hub.
Hong Kong’s role now extends far beyond a “regulatory sandbox.” It is becoming a magnet for global Web3 strategic resources, a two-way conduit linking Asia’s traditional finance with decentralized finance (DeFi), and a benchmark jurisdiction for compliant deployment of RWAs and stablecoins.
Indeed, in an era of rising on-chain efficiency and the growing institutionalization of digital assets, Hong Kong is both poised and destined to play a leading role in shaping the new global financial order.
Conclusion | The Era Chose Hong Kong, and Hong Kong Chose Web3
2025 marks a pivotal moment for Hong Kong to relaunch itself through digital sovereignty and institutional innovation. Web3 is not just a technological breakthrough, but a strategic anchor through which Hong Kong proactively positions itself within global governance, financial competition, and technological paradigm shifts. We are witnessing the dawn of a new decade in digital economy—one that belongs to Hong Kong, to China, and to the world.
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