“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.
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.
