Catenaa, Friday, August 01, 2025- Hong Kong is fast-tracking licensing for virtual asset platforms and broadening its tokenization efforts, a move aimed at boosting its status as a global crypto hub amid rising international competition.
In a statement to the Legislative Council on Tuesday, Secretary for Financial Services and the Treasury Christopher Hui confirmed that the Stablecoin Ordinance will come into effect on Aug. 1, finalizing the regulatory framework initiated in June 2023.
Hui said 11 platforms have already received licenses from the Securities and Futures Commission (SFC), with nine more under review.
All new applicants from January 2025 are being processed under expedited licensing protocols, which include risk-based inspections and external assessments.
The city is also expanding sandbox programs to include trials of blockchain, tokenization and AI applications. Meanwhile, tokenized green bond issuances will be formalized following successful launches in 2023 and 2024. The Hong Kong Monetary Authority (HKMA) is planning a third issuance, while tokenized investment products such as gold and money market funds are now available to retail investors.
Looking ahead, authorities are exploring tokenized real estate and private equity, supported by infrastructure from the HKMA’s Project Ensemble.
As Singapore and the U.S. advance their own stablecoin regimes, Hong Kong is positioning itself as a regulatory-efficient yet innovation-friendly jurisdiction to attract global capital and fintech enterprises.
