Hong Kong Unveils Digital Asset Policy Framework as Shaanxi Advances Public Data Authorization

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The global race to harness data as a strategic economic asset is accelerating, with regional governments taking bold steps to establish regulatory clarity and foster innovation. In a significant development, Hong Kong has released its Digital Asset Development Policy Statement 2.0, reaffirming its ambition to become a global hub for digital asset innovation. Meanwhile, mainland China continues refining its data governance framework, with provinces like Shaanxi and Yunnan advancing detailed rules for public data authorization and operational models.

These moves reflect a broader national strategy to unlock the value of data as a critical production factor—aligning with China’s “Data要素×” (Data Element ×) initiative aimed at integrating high-quality datasets across industries. As governments lay the groundwork for secure, scalable data ecosystems, the focus is shifting from policy formulation to practical implementation.

National Push: The “Data Element ×” Initiative Gains Momentum

On June 24, the National Data Administration hosted the second installment of its “Data Element ×” press conference series, showcasing cross-sector progress in leveraging data for economic transformation. Key institutions—including the People's Bank of China, China Securities Regulatory Commission (CSRC), China Meteorological Administration, and National Cultural Heritage Administration—shared updates on their efforts to build high-quality data sets.

A major highlight was the announcement of the 2025 “Data Element ×” Innovation Competition, which has already seen 29 provincial-level regions open local qualifying rounds. This nationwide engagement signals strong institutional buy-in and grassroots momentum.

The CSRC outlined a three-year roadmap for developing standardized, high-integrity datasets within the securities and futures industry—an essential foundation for transparency and market efficiency. Echoing this focus on quality, National Data Administration Director Liu Liehong emphasized during a June 19 field visit: “Wherever ‘AI+’ goes, high-quality data sets must follow.” This underscores the growing recognition that artificial intelligence advancements are only as robust as the data fueling them.

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Hong Kong’s LEAP Forward in Digital Asset Innovation

On June 26, 2025, the Hong Kong Special Administrative Region government unveiled its Digital Asset Development Policy Statement 2.0, marking a pivotal moment in its fintech evolution. Building on the recent enactment of stablecoin legislation, the new policy lays out a comprehensive vision to position Hong Kong as a trusted global center for digital asset innovation.

At the heart of the strategy is the LEAP framework, an acronym representing four core pillars:

This structured approach emphasizes both investor protection and real-world utility. The government aims to create a balanced ecosystem where financial integrity and technological innovation coexist—ensuring that digital assets deliver tangible benefits to the real economy and traditional financial markets.

According to financial secretary Paul Chan, who previewed the policy in a June 15 essay titled “Accelerating Forward, Steadily Sailing,” the goal is to integrate Hong Kong’s established strengths in conventional finance with cutting-edge digital asset technologies. This includes enhancing the safety and flexibility of digital asset usage in everyday economic activities and encouraging both local and international firms to explore novel applications.

Regulatory oversight will be led by the Securities and Futures Commission (SFC), which will manage licensing for digital asset trading and custody service providers. Additionally, the Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority will conduct a comprehensive legal review to support the tokenization of real-world assets (RWA) and financial instruments.

Data highlights underscore growing market confidence: In 2024 alone, total transaction volume of digital assets and related products through Hong Kong banks reached HK$17.2 billion, with HK$5.1 billion in digital assets held under custody by year-end.

Yunnan Advances Digital Transformation Across Government, Economy, and Society

In parallel, Yunnan Province has rolled out four key policy documents outlining its digital development agenda for 2025:

These documents collectively emphasize foundational data infrastructure, including the construction of core databases for natural resources, geospatial information, economic governance, population, legal entities, and electronic credentials. Thematic databases in environmental protection and law enforcement are also set to launch.

A major thrust is data circulation and monetization. Yunnan plans to release an official Public Data Authorization Operation Implementation Plan, pilot data asset registration, and explore mechanisms such as equity investment and collateralization using public data assets. The province also aims to advance data asset accounting, testing full lifecycle management models for data as a balance-sheet-recognized asset.

To support this, Kunming International Data Exchange will be accelerated, with enhanced trading rules, standardized processes, and the establishment of a data services association to bring stakeholders together.

Shaanxi Clarifies Public Data Authorization Model

Shaanxi Province is advancing its data governance framework through the draft Shaanxi Provincial Public Data Resource Authorization Operation Implementation Rules (Trial), now open for public consultation.

The document defines clear boundaries for authorized data use, assigns responsibilities across agencies, and outlines implementation procedures. Notably, it establishes that provincial-level authorization will primarily follow an “overall authorization” model, where the data management authority grants broad access based on existing data sharing and operational synergies.

However, flexibility remains: in specific cases, sector-specific or scenario-based authorization can be jointly managed by data authorities and sector regulators. This hybrid model allows for both scalability and precision in deploying public data for innovation—supporting use cases in healthcare, transportation, urban planning, and more.

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Frequently Asked Questions (FAQ)

Q: What is the purpose of Hong Kong’s Digital Asset Policy Statement 2.0?
A: The policy aims to establish Hong Kong as a global leader in digital asset innovation by creating a secure, regulated environment that supports tokenization, investor protection, and real-world financial applications.

Q: How does the “Data Element ×” initiative support AI development?
A: It ensures that high-quality, standardized datasets are available across sectors—critical for training reliable AI models. As officials note, “AI+” depends on robust data infrastructure.

Q: What types of data are included in Yunnan’s public data authorization plan?
A: The plan covers economic, social, environmental, and administrative data—including population records, business registrations, geospatial information, and electronic documents.

Q: What is “overall authorization” in Shaanxi’s data model?
A: It refers to a centralized approach where the provincial data authority grants broad access to public datasets, enabling faster deployment while maintaining control and compliance.

Q: Will individuals be able to access or benefit from public data monetization?
A: While direct individual access isn’t the focus, citizens benefit indirectly through improved public services, smarter cities, and economic growth driven by data-enabled innovation.

Q: How are digital assets regulated in Hong Kong?
A: The Securities and Futures Commission (SFC) will regulate trading and custody platforms, ensuring compliance with anti-money laundering (AML) standards and investor safeguards.

Digital transformation is no longer theoretical—it's being codified into policy, infrastructure, and operational practice across Asia’s most dynamic economies. From Hong Kong’s forward-looking digital asset strategy to Yunnan’s holistic digital society blueprint and Shaanxi’s pragmatic authorization model, these developments signal a maturing ecosystem where data governance, tokenization, public-private collaboration, and regulatory clarity converge.

As markets evolve, early adopters stand to gain significant advantages in attracting investment, fostering innovation, and building resilient digital economies. With strategic frameworks now in place, the next phase will focus on execution—turning policy into performance.

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