In the context of increasingly stringent global cryptocurrency regulations, Hong Kong is actively seeking to become a virtual asset hub. With the "Stablecoin Regulation" set to officially take effect on August 1 this year, the Hong Kong Monetary Authority (HKMA) will also open applications for stablecoin licenses. Although the number of licenses is expected to be limited to single digits, more than 40 companies are preparing to apply, leading to intense competition. The applicants are mainly top financial institutions and technology companies from China, such as JD.com and Ant International. This fierce competition for licenses not only highlights Hong Kong's attractiveness in the digital asset field but also signals a new development phase for the stablecoin market.
The Hong Kong "Stablecoin Regulation" was published on May 30, 2025, and is scheduled to come into effect on August 1, 2025. This marks the inclusion of fiat-backed stablecoins (FRS) in a formal and institutionally regulated legal framework for activities issued from or involving Hong Kong dollars. Financial Secretary Paul Chan stated that the HKMA is currently consulting the market on the implementation guidelines for the regulation, which will be published this month and will cover anti-money laundering and other related requirements. He anticipates that the number of stablecoin licenses that can be approved this year will be "in single digits."
Many applicants: According to Cryptonews, before the new stablecoin regulations are implemented in Hong Kong, over 40 companies have already consulted the authorities about licenses. Companies that have publicly expressed their intention to apply include JD.com, Ant Group, and stablecoin issuer Circle. Several law firms assisting clients in preparing applications have revealed that they are providing ongoing consultation for other clients who are still organizing their application materials.
Leading institutions dominate: Alex Zuo, head of the payment department at Cobo, stated that most applicants are large enterprises from mainland China. "Many small and medium-sized companies do not actually qualify to apply; they are just using this topic for short-term hype and publicity," he said. The companies preparing applications include digital financial service providers, logistics companies with overseas operations, and internet technology firms. Their application purposes include stablecoin issuance, building clearing infrastructure, and supporting fiat currency exchange with multi-address wallet tools.
Distinguishing authenticity: Zuo pointed out that two different types of companies are gradually emerging in the market: one type is genuinely investing in the research and development of stablecoin services, while the other type is merely making public statements to hype concepts without the necessary technical and operational foundations.
The stablecoin regulation in Hong Kong constructs a complex semantic system regarding digital value, aiming to ensure the robust operation of stablecoins and financial stability.
Fiat support principle: The regulation clearly states that any "specific stablecoin" must be fully redeemable in its pegged fiat currency, especially the Hong Kong dollar. The HKMA requires that reserve assets must be high-quality, liquid assets (such as cash and short-term government bonds) and must be denominated in the same fiat currency to eliminate currency mismatch risks.
Comprehensive prudential licensing: The regulation introduces a comprehensive prudential licensing system, emphasizing the systemic importance of stablecoin issuers, including strict requirements such as minimum paid-in capital (HKD 25 million), reserve structure, isolation and legal protection, redemption mechanisms, and governance audits.
Strong supervision by the HKMA: The HKMA's supervisory powers are equipped with strong tools, including investigation authority, sanction mechanisms, management intervention, and adjudication mechanisms. The regulation explicitly states the activities that actors in the virtual asset market are prohibited from engaging in and clarifies criminal liability.
International comparison and differentiation: Compared to the EU's Markets in Crypto-Assets Regulation (MiCA), Singapore's Payment Services Act 2019, and the state-level remittance licensing system in the United States, Hong Kong's regulation exhibits unique regulatory choices, such as mandatory face value redemption obligations, the introduction of statutory management mechanisms, and crossovers with bank supervision, reflecting Hong Kong's priority on stability and fiat anchoring rather than merely pursuing market growth or issuer flexibility.
Stablecoins have become a hot topic in the digital asset field. IMF Vice President Li Bo stated at the Summer Davos Forum that stablecoins present both opportunities and challenges, with the key being whether they are considered currency or assets and how to effectively regulate them. He believes that stablecoins could become very efficient means of payment and value storage, provided they are used moderately and effectively regulated.
Market size and application: Public data shows that in 2024, the transaction volume supported by stablecoins reached USD 27.6 trillion, exceeding the combined transaction volume of global payment giants Visa and Mastercard. Currently, Visa and Mastercard have announced plans to incorporate stablecoins into their global payment systems. This means that stablecoins are expected to become a mainstream payment and settlement option in global transactions.
Distinction of RWA and actual impact: A common misconception is that the compliance of stablecoins implies the indirect recognition of RWA (Real World Assets tokenization). This is not the case. The regulation does not provide a direct path or legal recognition for RWA plans. Stablecoins operate within a fiat framework, while RWA involves tokenizing domestic assets (such as real estate, stocks, and bonds). The regulation emphasizes that there are still regulatory gaps for RWA, with major challenges including cross-border asset transfers and QFII restrictions. Obtaining FRS licensing does not equate to being legally allowed to engage in RWA business.
Impact of the new regulations: The new regulations will fundamentally change how virtual asset companies operate in Hong Kong. Whether issuers or investors, they must reassess their strategies, partners, and legal risks. Unlicensed issuance is no longer a "risk" but a criminal offense. Global platforms can no longer "casually" offer Hong Kong stablecoins; they must establish dedicated compliance strategies.
Companies in Hong Kong are also actively responding to the trend of stablecoin development:
Jin Yong Investment: On July 9, the Hong Kong-listed company Jin Yong Investment Limited issued a voluntary announcement, stating that it has reached a strategic cooperation agreement with Hong Kong fintech company AnchorX. AnchorX will use its leading distributed ledger technology and cybersecurity measures to issue a stablecoin "AxCNH" pegged 1:1 to offshore RMB. After issuance, this stablecoin will operate within traditional international payment networks, aiming to reduce reliance on the US dollar and SWIFT, thereby lowering transaction costs and achieving real-time global settlement around the clock.
Changliang Technology: On the 10th, Changliang Technology responded to investor inquiries on an interactive platform, stating that the company is closely contacting ecological partners and some downstream customers to seek cooperation opportunities related to the application scenarios of Hong Kong stablecoins, and has made certain progress.
Hong Kong's proactive layout in the stablecoin field, especially its comprehensive regulatory framework and emphasis on compliance, has made it a focal point for global stablecoin issuers. The fierce competition among over 40 large enterprises indicates that Hong Kong is likely to become an important hub for global stablecoins. Although the development of stablecoins still faces compliance challenges and the need for clear distinctions from RWA, the core proposition in Hong Kong is that the key to financial evolution lies not in speed, but in sovereignty, stability, and systemic integrity. Only through regulation can trust be established in places where technology cannot self-validate trust. Without trust, innovation will ultimately fail.
Related: Hong Kong stock stablecoin concept stocks rise: regulatory framework improves, digital asset trends are positive, giants prepare for licenses in Hong Kong.
Original article: “Hong Kong Stablecoin License Race: Over 40 Giants Gear Up, Robust Regulatory Framework Becomes Key Attraction”
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