Hong Kong's layout in the virtual asset field continues to accelerate, with traditional financial giants embracing the crypto world at an unprecedented speed and depth. Recently, significant news emerged in the market: Bank of China Hong Kong plans to apply for a stablecoin issuer license and aims to become one of the first approved issuers. This move will undoubtedly intensify the competition for stablecoin licenses in Hong Kong and signifies a new chapter in the digital financial landscape following the implementation of the "Stablecoin Regulation."
- Bank of China Hong Kong: Issuing Bank Competes for Stablecoin License
Application Intent: On September 1, news from Zhitong Finance reported that the Hong Kong Economic Journal cited unnamed sources stating that Bank of China Hong Kong plans to apply for a stablecoin issuer license and aims to be among the first approved issuers. The deadline for the first batch of applications is the end of September.
Official Response: Both Bank of China Hong Kong and the Monetary Authority declined to comment.
Inherent Advantages: As one of the three major issuing banks in Hong Kong, Bank of China Hong Kong possesses deep accumulation in the traditional financial sector, strong capital strength, and a broad customer base, giving it inherent advantages in applying for a stablecoin license. Industry insiders indicate that if Bank of China Hong Kong issues a stablecoin, it would also reassure regulators in both regions.
- Hong Kong Digital Asset Center Construction: Balancing Innovation and Compliance
Wu Jiezhuang's Outlook: On August 30, Hong Kong Legislative Council member Wu Jiezhuang posted on the X platform, stating that Hong Kong is actively building an international digital asset center, balancing innovation and compliance for enterprises, and believes that the integration of capital markets and the digital asset industry will bring new momentum to the market.
DePIN and Web3 Implementation: Wu Jiezhuang pointed out that DePIN (Decentralized Physical Infrastructure Network), which combines blockchain with the real economy, is expected to reshape traditional industries such as the Internet of Things, energy, and transportation, and is an important direction for Web3 implementation. He believes that many exhibitors from overseas at Cyberport developing Web3 and real-world application projects and technologies will undoubtedly bring new blue ocean markets.
Zhao Changpeng's Suggestions: On August 29, Binance founder Zhao Changpeng stated in an interview that Hong Kong has the potential to become a major hub for virtual assets, comparable to markets like the United States and the UAE, but Hong Kong regulators must act quickly to realize this potential. One immediate reform Zhao Changpeng suggested is to expand the range of cryptocurrencies allowed for trading on licensed exchanges in Hong Kong and to adopt a model similar to Japan, allowing exchanges to decide which tokens can be traded.
- Institutional Investment in Cryptocurrency: Asset Allocation Amid Dollar Weakness
Public Companies Focusing on the Crypto Market: On August 30, according to an announcement from the Hong Kong Stock Exchange, the Hong Kong-listed company China Financial Leasing Group released its interim performance report for the period ending June 30, 2025, which disclosed that the continued weakness of the dollar has triggered a rise in Bitcoin. The company has begun to pay attention to the cryptocurrency market and has started investing in the cryptocurrency industry, particularly holding physical cryptocurrencies rather than synthetic products in related exchange-traded funds. Current major investments include: Southern Eastern Hong Kong Dollar Money Market ETF, BlackRock iShares Bitcoin Trust ETF, Huaxia Bitcoin ETF, and iShares Ethereum Trust ETF.
Wealthy Class Embracing Crypto Payments: On August 31, the Financial Times reported that as Bitcoin prices soared, wealthy young entrepreneurs have sparked a boom in the global luxury travel market, with more private jet and ultra-luxury cruise operators beginning to accept cryptocurrency payments.
Flexjet: Chairman Kenn Ricci stated that the "huge" demand from young wealthy clients has prompted Flexjet's FXAIR to accept cryptocurrency payments. Tickets from Farnborough Airport near London to New York City cost about $80,000. Ricci noted that in recent months, Flexjet's booking volume has "significantly" increased, with these bookers being "young entrepreneurs in the Bitcoin space who fly further and want larger planes. We save them time, and time is the most precious luxury."
Virgin Voyages: A $120,000 annual pass can now be purchased with cryptocurrency.
SeaDream Yacht Club: Started accepting Bitcoin payments shortly after Trump began his second term.
Boutique Hotel Groups: Boutique hotel groups, including the Kessler Collection in the U.S. and the Pavilion Hotel and Resorts in Hong Kong, also accept tokens such as Dogecoin, Litecoin, and Ethereum.
Conclusion:
Bank of China Hong Kong's plan to apply for a stablecoin issuer license will undoubtedly intensify the competition for stablecoin licenses in Hong Kong and signifies a new chapter in the digital financial landscape following the implementation of the "Stablecoin Regulation." Hong Kong is actively building an international digital asset center, balancing innovation and compliance. As institutional investors and the wealthy class show increasing interest in cryptocurrencies, the application of cryptocurrencies in asset allocation and payment fields will continue to expand.
Related Reading: Guotai Junan International Launches Cryptocurrency Trading, Retail Investors Can Buy BTC, ETH, SOL, and Other Five Major Cryptocurrencies
Original Article: “Bank of China Hong Kong Plans to Apply for Stablecoin License, First Batch List Suspense Reignites?”
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