In the context of the global digital currency wave and the increasing focus on stablecoins in financial technology, Hong Kong is actively exploring its strategic positioning in the digital finance sector. On October 13, 2025, the Hong Kong Legislative Council Secretariat released the latest issue of the "Special Bulletin," summarizing the latest developments in Hong Kong's financial technology and digital assets. Among the most notable suggestions is the call for central support to develop offshore RMB stablecoins in Hong Kong and to boldly explore practices in emerging financial fields such as digital assets and cryptocurrencies, playing a good role as a "stablecoin testing ground." This call not only provides a new digital path for the internationalization strategy of the RMB but also indicates that Hong Kong is expected to become a key hub connecting China with the global digital financial system.
- Hong Kong Legislative Council: Calling for Central Support to Develop Offshore RMB Stablecoins
The "Special Bulletin" released by the Hong Kong Legislative Council Secretariat comprehensively reviews Hong Kong's development in financial technology, digital assets, green sustainable finance, and cross-border finance, and puts forward several forward-looking suggestions.
"Stablecoin Testing Ground": Legislators suggest seeking central support to develop offshore RMB stablecoins in Hong Kong and to boldly explore practices in emerging financial fields such as digital assets and cryptocurrencies, effectively playing the role of a "stablecoin testing ground." This indicates that Hong Kong has regarded offshore RMB stablecoins as an important strategic direction in its digital finance sector.
Improving Regulatory Framework: Legislators suggest improving the regulatory framework for digital assets to protect investors; enhancing on-the-job training in Web3 and financial technology for professionals in various industries such as finance, trade, accounting, and law; and introducing concepts of blockchain and tokenization into secondary school curricula to increase public knowledge of digital assets and Web3 technologies.
Stablecoin Regulation First: The Legislative Council passed the "Stablecoin Bill" in May this year, establishing a licensing system for issuers of stablecoins pegged to fiat currencies, regulating the issuance of stablecoins and related activities, and empowering the Financial Commissioner to conduct investigations and enforcement, making Hong Kong one of the first regions in the world to establish a regulatory system for stablecoin issuers. In response to legislators' suggestions, the government proposed several amendments to the "Bill," including allowing licensed e-money providers to also sell fiat stablecoins in addition to the four types of approved providers originally suggested. Legislators believe this will help promote the widespread use of fiat stablecoins in Hong Kong.
- Stablecoins: An Effective Solution to Cross-Border Payment Pain Points
Stablecoins are seen as an effective solution to cross-border payment pain points due to their "fast, low-cost, and programmable" characteristics. For industries such as e-commerce and remittance services, stablecoins can significantly reduce the time and costs of cross-border transactions.
Massive Remittance Market: According to World Bank data, the nearly $1 trillion remittance market incurs an average fee loss of 6.4% (about $64 billion) each year; however, transferring using stablecoins only costs a few cents and can almost be received instantly.
High Adoption Rate by Enterprises: An article in the Lianhe Zaobao mentioned that stablecoins are rapidly entering the mainstream view of local enterprises. Surveys show that nearly 20% of local enterprises have already accepted or used stablecoins; another 62% plan to adopt them within two years, a rate significantly higher than the average of 46% among the four surveyed countries. Overall, more than 80% of local enterprises have used or plan to introduce stablecoin payments.
- Hong Kong's Unique Advantages: Global Financial Center and Web3 Hub
As an international financial center, Hong Kong has a sound regulatory system, abundant business opportunities, and an active financing market. Combined with its unique advantages of connecting internally and externally, it is the preferred hub for promoting the integrated development of financial technology and the third generation of the internet (Web3).
Leading Global Rankings: According to the latest "Global Financial Centers Index," Hong Kong continues to rank as the third-largest international financial center globally and the top in the Asia-Pacific region, while in the field of financial technology, it ranks first in the world.
Web3 and Virtual Assets Development Subcommittee: The Legislative Council has been paying attention to the application and development of Web3 and digital asset technologies and took the initiative to establish the Web3 and Virtual Assets Development Subcommittee in October 2023 to study related matters.
Green and Sustainable Finance: Hong Kong promotes the development of green and sustainable finance through the issuance of tokenized green bonds and expanding the local green fintech ecosystem. To date, the total amount of green and sustainable bonds issued in Hong Kong is approximately $43 billion, ranking first in the Asia-Pacific market for seven consecutive years since 2018. Legislators urge the government to formulate measures to attract mainland enterprises to Hong Kong for related financing and certification testing, enhancing Hong Kong's attractiveness as a platform for issuing green and sustainable bonds. Legislators also suggest that authorities study the feasibility of tokenizing carbon credits using blockchain technology.
International Cooperation Platforms: As an important fintech hub in the region, Hong Kong has established multiple cross-regional financial cooperation platforms to promote fintech innovation and strengthen connections with international markets. Annual events such as Hong Kong Fintech Week and StartmeupHK Festival have attracted numerous global industry leaders.
- Warnings from the Financial Stability Board: Risks and Regulatory Gaps of Stablecoins
In the context of the rapid development of global stablecoins, risks and challenges coexist. The Chair of the Financial Stability Board (FSB) and Governor of the Bank of England, Bailey, stated that the FSB will strengthen global policy responses to emerging threats posed by the increasing use of private finance and stablecoins. Bailey pointed out that there are still significant gaps in addressing financial stability risks, and very few countries/regions have established comprehensive regulatory frameworks for global stablecoins.
The Hong Kong Legislative Council's call for central support to develop offshore RMB stablecoins is set against this backdrop, aiming to combine the innovative potential of stablecoins with risk prevention through a compliance framework.
Conclusion:
The Hong Kong Legislative Council's call for central support to develop offshore RMB stablecoins is a key step for Hong Kong in the digital finance sector. This will not only provide a new digital path for the internationalization strategy of the RMB but also solidify Hong Kong's position as a global financial center and Web3 hub. As stablecoins increasingly become important tools for solving cross-border payment pain points and promoting the development of the digital economy, Hong Kong is expected to play its role as a "stablecoin testing ground," contributing to the innovative development of the country's emerging industries and digital economy.
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Original Article: “New Progress on Offshore RMB Stablecoins! Hong Kong Legislative Council: Seek Central Support for Implementation”
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