Giấy phép stablecoin Hong Kong mở bán trong quý I! 11 sàn giao dịch được cấp phép, trung tâm tài chính châu Á cạnh tranh

Hong Kong Financial Secretary Paul Chan Mo-po stated in Davos that 11 trading platforms have been licensed, and the first batch of stablecoin licenses will be issued in the first quarter. Hong Kong adopts the principle of “same activity, same risk, same regulation,” having issued $2.1 billion USD in tokenized green bonds and launched a regulatory sandbox. The “Stablecoin Ordinance” came into effect in August last year, imposing strict standards.

Hong Kong Stablecoin Licenses Leading Global Regulatory Framework in Q1

Hong Kong Financial Secretary Paul Chan Mo-po said that, as an international financial center, Hong Kong adopts an active and cautious approach to developing digital assets. To date, 11 virtual asset trading platforms have been licensed, and the first batch of stablecoin licenses is expected to be issued in the first quarter of this year. According to the South China Morning Post, Chan Mo-po pointed out during the World Economic Forum annual meeting in Davos on January 20 that Hong Kong will promote responsible and sustainable growth of the cryptocurrency market based on the principles of “same activity, same risk, same regulation.”

Hong Kong’s stablecoin regulatory system is regarded as a cornerstone of its overall strategy. The Hong Kong Stablecoin Ordinance officially came into force last August, clearly requiring stablecoin issuers to meet strict standards, including reserve asset management, maintaining sound value stability mechanisms, and a series of anti-money laundering, counter-terrorism financing, risk management, disclosure, and audit requirements.

This regulatory framework is globally leading. In contrast, U.S. stablecoin regulation is still in legislative discussion, and the EU’s MiCA, although implemented, is relatively lenient. Hong Kong’s Stablecoin Ordinance clarifies issuance eligibility, reserve requirements, and operational standards, providing a clear compliance pathway for the stablecoin market. This regulatory certainty is especially important for institutional investors and large enterprises, as they need to ensure compliance before participating at scale.

The issuance of the first batch of stablecoin licenses will be a significant milestone in Hong Kong’s crypto industry development. Licensees will be able to legally issue and operate stablecoins in Hong Kong, which can be used for payments, cross-border remittances, DeFi applications, and more. More importantly, licensed stablecoins will gain recognition from Hong Kong regulators, paving the way for their integration into the traditional financial system.

Hong Kong Has Issued 11 Exchange Licenses to Build a Complete Ecosystem

Hong Kong has issued licenses to 11 virtual asset trading platforms, allowing licensed exchanges to legally provide cryptocurrency trading services to retail and institutional clients, which is markedly different from many jurisdictions that only permit professional investor trading.

The presence of these 11 licensed exchanges provides a complete infrastructure for Hong Kong’s crypto ecosystem. Investors can trade in a regulated environment without worrying about exchange insolvency or asset security issues. Licensed exchanges must also comply with strict anti-money laundering and KYC requirements, enhancing overall market compliance.

Additionally, Hong Kong actively promotes tokenization development, including issuing 3 batches of tokenized green bonds totaling about $2.1 billion USD, and launching a regulatory sandbox to encourage application innovation. Tokenized green bonds are traditional bonds issued on the blockchain in token form, offering multiple advantages: reducing issuance costs, increasing trading efficiency, enhancing transparency, and enabling small investors to participate in the bond market.

The $2.1 billion scale places Hong Kong at the forefront of the global tokenized bond market. These successful cases serve as models for tokenizing other traditional financial products, with future expansion into stocks, real estate, commodities, and more asset classes. The regulatory sandbox provides a testing ground for innovative enterprises, allowing them to trial new products and services in a controlled environment, reducing compliance costs.

Hong Kong Positions Digital Finance as a Core Growth Strategy

Chan Mo-po mentioned that finance and technology can mutually promote each other. Digital assets exemplify this financial innovation, which not only enhances transparency, efficiency, inclusiveness, and risk management in financial services but also more effectively channels capital into the real economy. Moreover, finance is a key driver supporting and empowering technological development. Chan Mo-po stated that Hong Kong aims to build an integrated ecosystem covering stablecoins, exchanges, and tokenized assets.

In the face of increasing global competition, Hong Kong positions digital finance as a key pillar of its growth strategy. This strategic positioning shows that Hong Kong is not passively accepting the crypto industry but actively using it as a core driver for economic transformation and upgrading. Compared to competitors like Singapore and Dubai, Hong Kong’s advantages lie in its strong traditional financial foundation, links with Mainland China, and a comprehensive legal system.

Hong Kong’s stablecoin license system may attract various applicants: global stablecoin issuers like Circle (USDC) and Tether (USDT) may apply for licenses to enter the Hong Kong market; local financial institutions such as banks and payment companies may launch HKD stablecoins; and emerging stablecoin projects focused on the Asian market.