As a global financial center, Hong Kong is rapidly accelerating its layout in the digital asset sector. With the official implementation of the "Hong Kong Stablecoin Bill," Hong Kong has not only solidified its position as a global digital asset financial center but has also attracted numerous enterprises to actively participate and seize new opportunities in the stablecoin business. This series of initiatives indicates that Hong Kong is committed to building a comprehensive, regulated, and vibrant digital asset ecosystem.
On May 21, 2025, the Hong Kong Legislative Council passed the "Stablecoin Bill," establishing a licensing system for fiat-backed stablecoin (FRS) issuers. Subsequently, on June 6, 2025, the Hong Kong government announced in the gazette that the bill would officially take effect on August 1, 2025. This means that Hong Kong will become one of the first jurisdictions in the world to establish a legal regulatory framework for stablecoins.
Hong Kong's Financial Secretary Paul Chan emphasized at a forum on June 21 that as an international financial center, Hong Kong must continuously reform and innovate to enhance its competitive advantage. He pointed out that Hong Kong embraces the development of digital assets and has accelerated the improvement of relevant legal regulatory frameworks in recent years. For example, the licensing system for virtual asset trading platforms has issued 10 licenses and is currently reviewing another eight applications. The completion of stablecoin legislation is undoubtedly another significant step for Hong Kong in the digital asset field.
High Barriers and Strict Regulations: HKMA Ensures Healthy Development of Stablecoin Business
Although the implementation of the stablecoin bill brings tremendous opportunities to the industry, the Hong Kong Monetary Authority (HKMA) has set quite strict regulatory standards for stablecoin issuers. HKMA President Eddie Yue stated on June 23 that Hong Kong has established relatively stringent standards for stablecoin issuers, with high entry barriers that are almost on par with the regulations for electronic wallets and banks.
Eddie Yue expects that only a few licenses will be issued in the first phase, and the licensed stablecoins will have different specific uses, such as for cross-border trade. He emphasized that the HKMA has very strict requirements for risk management, whether it is asset reserve management, stabilization mechanisms, redemption policies, or, most importantly, anti-money laundering regulations, which are almost identical to those for electronic wallets and banks. He pointed out that stablecoins have payment attributes, and the "Stablecoin Ordinance" provides issuers with a comprehensive regulatory framework aimed at ensuring that similar risks have similar regulatory rules, as well as the healthy and sustainable development of the industry.
Against the backdrop of the official implementation of the Hong Kong Stablecoin Bill, the listed company Nano Labs Ltd (stock code: NA) announced on June 23 that it plans to collaborate with other entities to apply for a license to operate businesses related to Hong Kong dollar and offshore renminbi stablecoins.
As a provider of Web 3.0 infrastructure and product solutions, Nano Labs is dedicated to the research and development of high-throughput computing (HTC) chips and high-performance computing (HPC) chips. The company not only plans to apply for a license but also aims to build a technical framework for stablecoins, focusing on supporting blockchain networks such as Bitcoin. Nano Labs looks forward to establishing strategic partnerships to support the development of the stablecoin ecosystem and the broader Web 3.0 industry. This indicates that Hong Kong's stablecoin regulatory framework is attracting enterprises with technical strength and strategic vision to actively participate and jointly promote digital asset innovation.
Hong Kong's proactive layout in the stablecoin sector is an important part of its strategic vision to build a global digital asset financial center. By establishing a clear and strict regulatory framework, Hong Kong aims to provide the necessary trust and stability for the digital asset market, attracting more international enterprises and investors.
As a bridge connecting traditional finance and the digital asset world, the regulated development of stablecoins is crucial for the prosperity of the entire Web 3.0 ecosystem. Hong Kong's initiatives will not only promote the development of the local digital asset industry but also provide valuable experience and references for other jurisdictions around the world.
With the official implementation of the "Hong Kong Stablecoin Bill," Hong Kong's leadership position in the digital asset field is further solidified. High regulatory standards aim to ensure the healthy and sustainable development of the stablecoin business and attract high-quality participants. The active response from companies like Nano Labs indicates that Hong Kong's stablecoin market will welcome new development opportunities. In the future, Hong Kong is expected to become an important hub for global digital asset innovation and application, thanks to its forward-looking regulatory strategies and open financial environment.
Related: The Rise of Hong Kong Dollar Stablecoins: Asian Crypto Breakthrough Amid De-Dollarization Wave
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