Hong Kong has unveiled its Digital Assets Policy Statement 2.0, introducing the LEAP framework to establish the city as a global hub for digital assets. The policy focuses on streamlining legal and regulatory frameworks, promoting tokenization of real-world assets, and expanding licensing for digital asset firms, including trading platforms, custodians, stablecoin issuers, and over-the-counter providers. A key component of the policy is the implementation of a stablecoin licensing regime under the Stablecoin Ordinance, which takes effect on August 1, 2025. The Hong Kong Monetary Authority (HKMA) will enforce regulatory oversight for stablecoin issuers, including full verification of holders to prevent money laundering. The HKMA plans to issue the first stablecoin licenses in early 2026. While the policy aims to boost Hong Kong's position in blockchain finance and digital assets, authorities have cautioned against overestimating the future role of stablecoins in the financial system and warned about potential market bubbles. The new regulatory framework is expected to significantly shape the future of Hong Kong's cryptocurrency sector.