On September 17, 2025, John Lee, the Chief Executive of the Hong Kong Special Administrative Region, delivered his fourth policy address during his tenure at the Legislative Council. The report pointed out that the Hong Kong Monetary Authority will encourage commercial banks to launch tokenized deposits and transactions of real tokenized assets, such as using tokenized deposits to settle tokenized money market funds, and normalize the issuance of tokenized bonds. Meanwhile, Hong Kong is implementing the stablecoin issuer regime and formulating legislative proposals for the licensing system for digital asset trading and custody services. The Securities and Futures Commission (SFC) of Hong Kong is exploring ways to expand the types of digital asset products and services available to professional investors, under the premise of fully protecting investors, and to strengthen international tax cooperation to combat cross-border tax evasion. Additionally, the SFC will introduce automated reporting and data monitoring tools to build a risk defense line for digital assets in Hong Kong.