Hong Kong’s First Stablecoin Licenses #

Hong Kong used the World Economic Forum in Davos to promote its ambition to build a responsible and sustainable digital asset regime, positioning the city as a regulated global hub for crypto and tokenized finance. Officials highlighted progress on licensing frameworks covering exchanges, stablecoin issuers, and custodians, stressing strong investor protection, financial stability, and robust risk management as core principles. Rather than viewing regulation as a constraint, Hong Kong framed it as a foundation for trust and long-term innovation, designed to attract global digital asset firms seeking regulatory clarity and predictable operating conditions.

The government also emphasized a shift toward practical, real-economy applications of digital assets. These include tokenized securities, regulated stablecoin-based payments, and the integration of blockchain into capital markets infrastructure. By aligning digital asset development with broader economic priorities, Hong Kong aims to support sustainable growth, reinforce its role as an international financial center, and compete with other global hubs while maintaining high regulatory standards.