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The Julia Leung reappointment as Chief Executive Officer of the Hong Kong Securities and Futures Commission (SFC) for another three years marks a defining moment in the city’s digital asset evolution. Announced on October 6, the decision underscores the government’s intent to maintain stability and momentum as it strengthens oversight in the growing virtual asset sector.
Under Leung’s leadership, Hong Kong has made notable strides in developing a clear licensing regime for virtual asset service providers (VASPs), addressing both investor protection and market innovation. The extension of her term is viewed as a strategic move to ensure regulatory continuity amid fast-changing global crypto standards.
This Julia Leung reappointment comes at a critical juncture as Hong Kong continues to build a safe and transparent framework for virtual asset trading, said Christopher Hui, Secretary for Financial Services and the Treasury, in a government statement. Her leadership has been pivotal in maintaining the SFC’s credibility and commitment to responsible innovation.
The Julia Leung reappointment aligns with Hong Kong’s broader ambition to become a global hub for digital assets. Over the past two years, the SFC has rolled out several key initiatives, including its landmark licensing framework for exchanges and stricter oversight on stablecoins.
Earlier in 2025, the SFC introduced a stablecoin regulation bill mandating issuers to maintain full fiat reserves and undergo regular audits which is a move praised by international watchdogs like the Financial Stability Board (FSB) for promoting transparency.
The SFC under Julia Leung has taken a pragmatic approach embracing innovation while safeguarding the financial system, said Lawrence Chu, Partner at ONC Lawyers. Her reappointment sends a strong message that Hong Kong remains serious about setting global standards for virtual asset compliance.
As part of the reappointment strategy, the SFC is expected to continue working closely with the Hong Kong Monetary Authority (HKMA) on creating interoperability standards for digital asset custodians and cross-border payment systems.
The Julia Leung reappointment also reflects the need for consistent leadership during a time of international scrutiny and competition. Global regulators, from Singapore’s MAS to the UK’s FCA, are refining their crypto frameworks, and Hong Kong’s policies under Leung are increasingly viewed as a benchmark for balanced regulation.
Since taking over as SFC CEO in January 2023, Leung has spearheaded initiatives that positioned Hong Kong as one of the few jurisdictions offering clear, enforceable crypto laws. Her leadership also oversaw the launch of the Crypto Licensing Regime in June 2023, which paved the way for exchanges like HashKey Exchange and OSL Digital Securities to become the first licensed trading platforms for retail investors in the city.
Stability and foresight are critical in a market as dynamic as crypto, said Dr. Anson Bailey, Head of Technology, Media, and Telecom at KPMG China. The Julia Leung reappointment ensures Hong Kong continues progressing toward its goal of becoming the Asia-Pacific hub for compliant digital assets.
Leung’s background as a former Under Secretary for Financial Services and the Treasury also equips her with deep policy experience — a key asset as Hong Kong negotiates its balance between regulatory control and market innovation.
With the Julia Leung reappointment, Hong Kong is signaling that it remains steadfast in its pursuit of a secure and globally competitive crypto ecosystem. Over the next three years, the SFC will focus on three major priorities: refining its stablecoin supervision, expanding retail investor access to crypto products, and strengthening cross-border regulatory coordination.
Hong Kong’s efforts are already drawing renewed interest from global crypto firms previously deterred by mainland China’s stricter stance. Firms such as OKX and Bybit have reportedly been exploring licensing opportunities under the SFC’s framework, encouraged by the city’s clearer rules and pro-innovation messaging.
According to a recent Bloomberg report, institutional investors are increasingly viewing Hong Kong as a “testing ground for regulated crypto adoption in Asia.” The continuity brought by the Julia Leung reappointment could further enhance that perception, reassuring stakeholders that regulatory policy will remain consistent despite global market volatility.
Leung herself has emphasized that Hong Kong’s approach to crypto is not about chasing hype but about building long-term trust.
“Our goal is not to rush innovation but to ensure it happens responsibly,” she told attendees at the Hong Kong FinTech Week 2024. “The future of finance lies in digital assets, but trust must come first.”
The Julia Leung reappointment cements her as a central figure in steering Hong Kong’s regulatory evolution. Her continued leadership symbolizes stability at a time when the digital asset industry faces both unprecedented opportunities and heightened regulatory challenges.
As global markets continue to grapple with crypto volatility and compliance hurdles, Hong Kong’s steady approach guided by Julia Leung could serve as a model for other jurisdictions seeking to balance innovation with accountability.
With renewed leadership, strengthened laws, and growing international credibility, Hong Kong appears well-positioned to sustain its momentum as Asia’s most forward-looking crypto and fintech hub.
