Hong Kong’s upcoming stablecoin licensing regime, effective August 2025, could see its first approvals before year-end—but only for a small group of issuers, Financial Services Secretary Christopher Hui told Ming Pao.
The government’s focus? Ensuring stablecoins tackle genuine economic hurdles, such as inefficient cross-border payments in emerging markets.
Originally tailored for Hong Kong dollar-pegged tokens, the policy has sparked debate over offshore yuan-backed stablecoins. With global competition heating up, firms like JD.com and Ant Group are reportedly urging Chinese regulators to embrace the trend.
