02 Jul, 2025

Tourism Fuels Revenue Surge in Luang Prabang in Five Months of 2025

Luang Prabang earned nearly LAK 700 billion (USD 32 million) in the first five months of 2025, with tourism playing a significant role, said Khammouane Khambounme, Head of the Provincial Tax Department.The province now aims to attract more visitors throughout the remainder of the year through improved tax management strategies. According to Khammouane, most of the revenue came from the tourism sector, including attractions, hotels, guesthouses, and restaurants.Due to these factors, the province exceeded its revenue target by reaching 60.2 percent of the annual goal, equivalent to LAK 691 billion. This amount includes both tax and asset-related income, which will be reinvested into further developing the tourism sector. Authorities are now promoting digital tax systems such as TaxRis, an online tax administration platform, by encouraging businesses to register, submit reports online, and adopt the value-added tax (VAT) system. Legal awareness and tax regulations are being actively shared with both public and private sectors to ensure compliance.To reach the goal of collecting an additional LAK 466 billion (USD 21,49 million) in the remaining months of the year, the province has developed new measures and strategies to expand tax and asset revenue. The focus will be on increasing transparency and accountability.In 2024, Luang Prabang welcomed over 2,3 million tourists more than double its original target, boosting GDP to LAK 3,989 billion (approximately USD 183 million).

27 Jun, 2025

Digital Asset Policy Statement 2.0: Hong Kong Sets Sights on Global Web3 Frontier

Hong Kong’s digital asset strategy is entering a new phase — from isolated pilots to a broader and more integrated ecosystem. The “Digital Asset Development Policy Statement 2.0” not only reinforces the importance of regulation-first and stablecoin legislation, but also clearly positions tokenization as a core lever to transition from compliance trials to structural development. This marks Hong Kong’s commitment to building a comprehensive and institutionalized Web3 financial infrastructure, deeply embedding digital assets into the real economy and traditional financial systems.From Pilot Projects to Systemic Implementation: Accelerating Tokenization Through PolicyAmong the most forward-looking initiatives outlined in the Policy Declaration 2.0 is the promotion of asset tokenization. The Hong Kong Monetary Authority (HKMA) has announced its intention to institutionalize the issuance of tokenized government bonds and encourage pilot programs that tokenize real-world assets such as precious metals, industrial metals, and renewable energy. The goal is to gradually build a comprehensive tokenization landscape for real-world asset (RWA) applications.This policy direction is grounded in the belief that systematic infrastructure can break the divide between blockchain-based and traditional financial assets. In practice, tokenizing financial products grants them on-chain identity, integrates them into smart contracts, and enables automated clearing and profit distribution — improving asset liquidity and unlocking new portfolio allocation options for investors.Supporting this initiative, the Hong Kong Stock Exchange has introduced stamp duty exemptions for tokenized ETFs. At the same time, the HKMA is advancing the design of tokenized income streams through its Ensemble platform. The Financial Services and the Treasury Bureau and the Securities and Futures Commission (SFC) are also reviewing the legal definitions and regulatory adaptation of tokenized assets. Together, these institutional and market mechanisms ensure that tokenization in Hong Kong is no longer limited to small-scale trials, but is moving toward scalable, replicable implementation.Additionally, Policy Declaration 2.0 proposes including tokenized products in capital gains tax exemptions for private funds and family trusts, signaling formal tax incentives for tokenized assets among high-net-worth individuals — thus accelerating adoption and scale.Institutional Entry Reshapes Service Models: Infrastructure Becomes the Strategic FoundationThe seamless flow and adoption of tokenized assets, stablecoins, and cryptocurrencies hinge on robust foundational infrastructure. Hong Kong has already established a licensing-based digital asset service framework covering trading, investment advisory, asset management, automated trading, and custody.As of June 2024, the SFC has issued 41 licenses or regulatory confirmations across various financial services. Several Chinese-funded brokers in Hong Kong — such as Guotai Junan International, Victory Securities, and Ed Securities — have completed their Type 1 license upgrades, enabling them to access licensed crypto exchanges through omnibus account structures and provide clients with compliant trading in mainstream digital assets.This model emphasizes security, transparency, and synchronized regulation, showcasing Hong Kong’s strength in systematic regulatory innovation. While these brokers do not operate their own exchanges, they replicate traditional financial logic in areas like service delivery, fund clearing, and risk compliance — offering users a credible and secure entry point. Compared to global platforms like Binance and OKX, Hong Kong’s approach prioritizes legal safeguards and asset traceability.Complementary infrastructure is also taking shape. Regulated custody providers such as HashKey Custody and Cobo have launched in Hong Kong, offering diversified services including cold wallets, node operation, and access control. Some platforms also carry insurance protection with coverage exceeding HKD 100 million, adding a layer of financial security for custodial clients.Stablecoin development similarly relies on these infrastructure capabilities. In practice, stablecoins must be able to support on-chain redemption mechanisms, transparent reserve disclosures, and settlement pathways — all of which depend on coordinated efforts from custodians, settlement platforms, and auditors. With compliance as its foundation, Hong Kong’s infrastructure value chain could offer a distinctive competitive advantage in the global stablecoin arena.Full Lifecycle Support: From Policy Pilots to Institutional SupplyA sustainable digital asset ecosystem requires more than just compliant regulation and mature infrastructure — it also needs long-term institutional support and cross-sector collaboration. The fourth pillar in Policy Declaration 2.0, “People and Partnership Development,” reflects Hong Kong’s ambition to establish a systematic and resilient ecosystem.Public organizations like Cyberport continue to offer blockchain pilot funding, entrepreneurial support, and targeted training programs for startups and tech teams. InvestHK is actively helping global digital asset service providers establish and expand operations in Hong Kong, creating an industrial cluster. On the regulatory front, the SFC and HKMA are strengthening cooperation with judicial and enforcement agencies, particularly in compliance review, anti-money laundering (AML), and data governance, while also fostering talent pipelines.At the higher education level, multiple universities have introduced programs in blockchain technology, smart contracts, and Web3 economics, collaborating with industry partners to launch joint labs and promote integration of academic research with market application. Based on these efforts, Hong Kong is building a comprehensive support system covering policy, talent, market, and technology across the full asset lifecycle.From its early-stage “test and learn” approach to today’s replicable, governable, and scalable model, Hong Kong’s digital asset strategy has entered a new institutional phase. This full-cycle support model lays the groundwork for the next wave of global digital economic competition.A Global Blueprint, Hong Kong Moves Toward the Next Financial FrontierHong Kong is reshaping the fundamental building blocks of its digital asset ecosystem through institutionalization. Rather than relying on regulatory loopholes or speculative hype, it is pursuing systematic construction and policy-driven development — gradually forming a modern financial system with tokenized assets at its core, stablecoins as key instruments, infrastructure as its foundation, and regulation as its safeguard.Compared with other global digital asset hubs, Hong Kong’s pace may be more measured — but its path is more replicable and offers greater reference value. From legal and tax frameworks to infrastructure and education, Hong Kong is delivering a full-spectrum blueprint for digital financial development.Policy dividends are beginning to materialize, and the ecosystem’s long-term value is gaining traction. With well-paced, targeted policy rollouts, Hong Kong is earning growing market confidence and global attention as it marches steadily toward becoming the next-generation global financial center.