Chan Maobo: Hong Kong stablecoin license is expected to be issued later this year

On January 21, according to the Hong Kong Economic Journal, Hong Kong Financial Secretary Paul Chan Mo-po delivered a special speech at the World Economic Forum Annual Meeting in Davos, stating that finance and technology can promote each other. Taking digital assets as an example, this financial innovation not only enhances transparency, efficiency, inclusiveness, and risk management of financial services but also more effectively channels capital into the real economy; in addition, finance is also a key force supporting and empowering technological development. Paul Chan pointed out that Hong Kong, as an international financial center, adopts a proactive yet cautious approach to developing digital assets and promotes responsible and sustainable market development based on the principle of “same activity, same risk, same regulation.” Since 2023, Hong Kong has licensed 11 virtual asset trading platforms and is expected to issue a stablecoin license later this year. Furthermore, the SAR government leads by example in promoting tokenization development, including issuing three batches of tokenized green bonds totaling approximately $2.1 billion; and launching a regulatory sandbox to encourage innovative applications.