Hong Kong to issue its first 'stablecoin licence' next month… "accelerating market innovation"
Summary
- Hong Kong said it will issue its first stablecoin licence next month, accelerating the institutionalisation of fiat-referenced stablecoins.
- Hong Kong’s Treasury said it will introduce new legislation for crypto trading firms and custody providers, and announced plans to table the related bill alongside the budget proposal.
- Hong Kong Financial Secretary Paul Chan said the Securities and Futures Commission (SFC) plans to create an accelerator programme to speed up market innovation.
Hong Kong will issue its first stablecoin licence next month.
According to The Block on the 25th (local time), Hong Kong Financial Secretary Paul Chan said that "the first licence for fiat-referenced stablecoin issuers will be approved next month." Hong Kong has been pushing to institutionalise the framework, including passing the Stablecoin Ordinance in May last year.
New legislation will also be introduced for crypto trading firms and custody providers. The Hong Kong Treasury announced plans to introduce the related bill as it unveiled the 2026–2027 budget on the day. The Block reported that this "expands Hong Kong’s regulatory scope beyond exchanges and stablecoins," adding that "in Hong Kong, digital-asset trading refers to regulated buying and selling of cryptocurrencies as a business, including over-the-counter trading."
Hong Kong also plans to pursue measures to promote the crypto market. Chan said that the Securities and Futures Commission (SFC) "plans to create an accelerator programme to speed up market innovation."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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