Stablecoins, as an important bridge connecting traditional finance and blockchain technology, have garnered widespread attention from global regulatory agencies. Hong Kong, as a financial center in Asia, is accelerating the development of a stablecoin regulatory framework by strengthening regulatory cooperation with South Korea, aiming to solidify its position as a digital asset hub in Asia and promote deeper cross-border financial cooperation. Recently, Hong Kong's Financial Secretary Paul Chan visited Seoul and engaged in in-depth discussions with South Korean financial leaders Kim Byung-hwan and Lee Chang-yong, focusing on the formulation of stablecoin regulatory rules and the potential for cross-border financial collaboration. This cooperation not only reflects the Asian financial market's emphasis on digital asset regulation but also provides a new model for the standardized development of the global stablecoin market.
Hong Kong and South Korea's Stablecoin Regulatory Cooperation
During his visit to Seoul, Paul Chan met with Kim Byung-hwan, Chairman of the Financial Services Commission (FSC), and Lee Chang-yong, Governor of the Bank of Korea (the central bank), to discuss Hong Kong's latest developments in the digital asset sector, particularly the upcoming Stablecoins Ordinance, which will take effect on August 1, 2025. This ordinance establishes a comprehensive regulatory framework for issuers of fiat-referenced stablecoins (FRS), requiring them to apply for a license from the Hong Kong Monetary Authority (HKMA), maintain a 1:1 reserve asset ratio, undergo regular audits, and ensure operational transparency. Chan emphasized that Hong Kong's regulatory framework follows the principle of "same activity, same risk, same regulation," aiming to balance innovation with financial stability while aligning with international standards.
The South Korean financial sector has shown strong interest in Hong Kong's stablecoin regulatory policies. Shin Hyun-dong, Chairman of the Preparatory Committee in South Korea, stated in related meetings that if stablecoins based on the Korean won, Hong Kong dollar, and offshore renminbi (CNH) can be successfully launched, they would significantly enhance the efficiency of fund flows in cross-border clearing, international remittances, and foreign exchange management, addressing the cumbersome procedures, high costs, and time delays associated with traditional currency exchanges. Additionally, Park Chung-hyun, Vice Chairman of the FSC, further proposed establishing an "Asian Digital Asset Cooperation Mechanism" centered around Hong Kong and South Korea, promoting multilateral cooperation through regular "Asian Stablecoin Development Vision Forums." This proposal highlights the shared vision of both countries in the field of stablecoin regulation, aiming to enhance cross-border digital asset channels and promote regional financial integration through coordinated policies.
Hong Kong's Regulatory Framework and Global Positioning
Hong Kong's Stablecoins Ordinance was passed by the Legislative Council on May 21, 2025, and will officially take effect on August 1, marking the establishment of Asia's first complete stablecoin regulatory system. The ordinance requires stablecoin issuers to meet strict conditions, including a minimum paid-up capital of HKD 25 million, sufficient liquid assets, comprehensive reserve management, and risk disclosure obligations. Furthermore, the HKMA released the "Consultation Draft Guidelines for Regulating Stablecoin Issuers" and the "Consultation Document on Anti-Money Laundering and Counter-Terrorism Financing Requirements" on May 26, 2025, further clarifying specific requirements for technology risk management, operational risk management, and reputation risk management. Eddie Yue, Chief Executive of the HKMA, stated that Hong Kong is one of the first jurisdictions globally to establish a regulatory framework for stablecoin issuers, a move that will enhance Hong Kong's competitiveness as an international financial center while providing experience sharing for global stablecoin regulation.
Hong Kong's regulatory framework not only focuses on fiat-referenced stablecoins but also leaves room for future expansion to asset-backed stablecoins (such as tokens linked to gold or real estate). The HKMA's "Fintech 2025 Strategy" emphasizes the interoperability of blockchain technology in cross-border settlements, providing a testing ground for innovative applications of stablecoins. For example, Hong Kong-listed Jin Yong Investment is collaborating with fintech company AnchorX to issue a stablecoin "AxCNH" pegged 1:1 to the offshore renminbi, demonstrating Hong Kong's active exploration in the stablecoin sector.
South Korea's Role in Stablecoin Regulation
As another important financial market in Asia, South Korea has also been accelerating its pace in digital asset regulation in recent years. The Financial Services Commission and the Bank of Korea are closely monitoring the potential impacts of stablecoins, particularly their roles in cross-border payments and financial innovation. Lee Chang-yong, Governor of the Bank of Korea, expressed interest in regulatory cooperation on stablecoins during discussions with Paul Chan, believing it would help enhance South Korea's position in global digital finance. South Korean financial professionals have also pointed out that the anonymity and cross-border usage characteristics of stablecoins may pose challenges in terms of anti-money laundering (AML) and counter-terrorism financing (CFT), thus requiring enhanced regulatory coordination through international cooperation.
It is noteworthy that the cooperation between South Korea and Hong Kong is not limited to the formulation of regulatory frameworks but also includes the exploration of practical application scenarios. For instance, stablecoins based on the Korean won and Hong Kong dollar are considered to play an important role in the Asian financial market, especially in simplifying cross-border payments and reducing transaction costs. Additionally, Pan Gongsheng, Governor of the People's Bank of China, recently stated at a forum in Shanghai that the importance of stablecoins in global commerce is increasing, and Hong Kong's regulatory practices provide a testing ground for Chinese enterprises to explore stablecoin applications. This further highlights the strategic significance of Hong Kong and South Korea's cooperation in the Asian digital asset ecosystem.
The stablecoin regulatory cooperation between Hong Kong and South Korea comes at a time of rapid growth in the global digital asset market. According to CoinMarketCap, as of July 14, 2025, the price of Bitcoin (BTC) was $118,978.95, up 40.06% over the past 90 days, reflecting strong momentum in the crypto market. The total market capitalization of global stablecoins has exceeded $200 billion and is expected to reach $2.8 trillion by 2028. This growth trend is prompting countries to accelerate the formulation of stablecoin regulatory policies to address potential financial stability risks and illegal activities.
In contrast to Hong Kong's stringent regulations, the United States, under the Trump administration, adopted a more lenient approach to stablecoins. The GENIUS Act provides a legal basis for regulated stablecoins, supporting the rapid development of dollar-backed stablecoins (such as USD1, with a market cap of $2.2 billion). However, the cooperation between Hong Kong and South Korea places greater emphasis on compatibility with the existing financial system, highlighting the need to reduce systemic risks through tokenized deposits and fiat-pegged stablecoins. This difference may reshape the regulatory landscape of the global stablecoin market, with Asia's coordinated policies likely serving as a reference for other regions.
The regulatory cooperation between Hong Kong and South Korea not only represents the convergence of the financial strategies of both countries but also reflects Asia's rise in the global digital asset competition. Paul Chan, Hong Kong's Financial Secretary, stated, "In the context of profound changes in the global political and economic environment, Hong Kong is seen as a safe haven for global capital. We have clear and predictable policies and are developing a strong framework for the regulation of digital assets and stablecoins." This statement underscores Hong Kong's determination to attract global capital through regulatory innovation. The Coincu research team believes that cooperation among Asian financial giants will enhance regional financial connections and lay the foundation for the long-term growth of the stablecoin market.
Furthermore, Hong Kong's Stablecoins Ordinance is expected to attract over 40 global companies competing for a limited number of licenses, further solidifying Hong Kong's position as a global stablecoin hub. Through cooperation with Hong Kong, South Korea can not only learn from its regulatory experience but also play a larger role in the Asian digital asset cooperation mechanism. In the future, both parties may further promote cross-border regulatory coordination and the collaborative development of fintech through regular forums and information-sharing mechanisms.
The stablecoin regulatory cooperation between Hong Kong and South Korea marks an important step for Asia in the global digital asset arena. By establishing a clear regulatory framework and strengthening cross-border cooperation, both countries aim to balance financial innovation with risk management, providing safeguards for the healthy development of stablecoins. Hong Kong's Stablecoins Ordinance not only sets a regulatory benchmark for Asia but also offers valuable experience for the standardization of the global stablecoin market. As the prices of digital assets like Bitcoin continue to rise and the stablecoin market expands rapidly, the cooperation between Hong Kong and South Korea will further consolidate Asia's leadership in global digital finance, injecting new momentum into cross-border financial innovation and regional economic integration.
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