Overview
- Financial Secretary Paul Chan told the World Economic Forum in Davos that the first batch of stablecoin issuer approvals will be granted in the first quarter of 2026.
- The licensing regime, effective since Aug. 1, 2025, mandates fiat-reserve backing, redemption at par, segregation of client funds, and strict anti–money laundering controls.
- Regulators have not identified which companies will be approved, with 36 applications reported by September and a joint venture of Standard Chartered, Animoca Brands and HKT among known bidders.
- The Hong Kong Monetary Authority is running Project Ensemble, a pilot launched in November 2025 to test tokenized deposits and digital-asset transactions with major banks and asset managers.
- Eleven virtual-asset trading platforms are already licensed by the Securities and Futures Commission, as industry groups caution that proposed tighter management rules could deter traditional asset managers.