Core Viewpoint - Hong Kong's digital asset development is entering a new phase, transitioning from institutional preparation to technological integration and scenario advancement, as highlighted in the "Digital Asset Development Policy Declaration 2.0" [1][2] Group 1: Policy Framework - The "LEAP" framework proposed in the policy focuses on optimizing legal and regulatory frameworks, expanding tokenized product categories, promoting application scenarios and cross-sector collaboration, and developing talent and partnerships [1] - The policy emphasizes the importance of stablecoin regulation, with a clear timeline for implementation by August 1, 2025, positioning Hong Kong as a leading jurisdiction for stablecoin legalization and standardization [2] - Tokenization of Real World Assets (RWA) is identified as a key development direction, aiming to bridge the gap between virtual and real economies [2][3] Group 2: Market Implications - The announcement of the first tokenized securities by HashKey Chain in collaboration with GF Securities (Hong Kong) indicates immediate market activity following the policy declaration [3] - The potential for tokenization of commodities such as gold and renewable energy assets is highlighted, which could enhance Hong Kong's role in global commodity finance [3] - The global stablecoin market is projected to reach between $3.7 trillion and $3.9 trillion by 2030, indicating significant growth potential [4] Group 3: Industry Perspectives - Industry leaders express that Hong Kong's proactive approach to stablecoin application signifies its willingness to be a pioneer in financial innovation and public service optimization [5] - The clarity of regulatory design for stablecoin issuers, including reserve management and risk requirements, is expected to broaden market acceptance and integration into financial systems [5] - Future regulatory focus may include detailed guidelines for digital asset service providers and the trading rules for tokenized assets, which are crucial for market entry and liquidity [5]