Hong Kong's government has announced a new regulatory framework for digital assets, aiming to enhance risk management and investor protection as it seeks to establish itself as a global cryptocurrency hub. The Securities and Futures Commission will regulate exchanges, custodians, and stablecoins, while also reviewing the legal framework for tokenizing real-world assets. With significant growth in tokenization, the government plans to encourage secondary market trading of tokenized ETFs and the issuance of tokenized government bonds.