Hong Kong draws Web3 treasuries with new stablecoin rules
Hong Kong is edging past Singapore in the contest to host on-chain corporate treasuries, helped by a live licensing track for exchanges and an enacted regime for stablecoin issuers that is now moving toward initial approvals.
Hong Kong’s pitch today rests on regulatory plumbing that corporates can underwrite. The Securities and Futures Commission maintains a public register of licensed virtual-asset trading platforms that can market to Hong Kong users, giving treasurers a clearer counterparty map for onboarding and custody selection. The Hong Kong Monetary Authority’s stablecoin ordinance took effect on August 1, 2025, and the central bank says the first issuer licenses are expected on a limited basis in early 2026, setting reserve, redemption and disclosure baselines that boards can diligence.
Regional regulators have introduced bank‑grade oversight for stablecoins and started licensing virtual‑asset platforms. Officials say any stablecoin issuer must be locally incorporated or an authorized foreign bank. Authorities have also outlined a timetable that could allow qualified institutions to issue the first Hong Kong stablecoins next year.
Some listed companies have begun using token structures for treasury or market access. Hong Kong‑listed Sisram Medical has tokenized shares to enable global trading. Yunfeng Financial Group bought about US$44 million of Ether for its reserves. Research from CertiK shows corporate crypto holdings worldwide topped US$130 billion this year, mainly in Bitcoin and stablecoins.
Hong Kong completed phase two trials of an e‑HKD central bank digital currency built on blockchain, with participation from Hang Seng Bank, Aptos Labs and Boston Consulting Group. A poll of 500 retail investors involved in the pilot found roughly 60% of respondents in Hong Kong and mainland China planned to increase allocations to tokenization funds, and mainland respondents expressed demand for cross‑border investment channels.
Regional regulators have introduced bank‑grade oversight for stablecoins and started licensing virtual‑asset platforms. Officials say any stablecoin issuer must be locally incorporated or an authorized foreign bank. Authorities have also outlined a timetable that could allow qualified institutions to issue the first Hong Kong stablecoins next year.
Some listed companies have begun using token structures for treasury or market access. Hong Kong‑listed Sisram Medical has tokenized shares to enable global trading. Yunfeng Financial Group bought about US$44 million of Ether for its reserves. Research from CertiK shows corporate crypto holdings worldwide topped US$130 billion this year, mainly in Bitcoin and stablecoins.
Hong Kong completed phase two trials of an e‑HKD central bank digital currency built on blockchain, with participation from Hang Seng Bank, Aptos Labs and Boston Consulting Group. A poll of 500 retail investors involved in the pilot found roughly 60% of respondents in Hong Kong and mainland China planned to increase allocations to tokenization funds, and mainland respondents expressed demand for cross‑border investment channels.
Banks are circling the issuer side, too: Standard Chartered’s Hong Kong unit has formally set up Anchorpoint Financial, a stablecoin joint venture with HKT and Animoca Brands, and notified the HKMA of its plan to apply for an issuer license on August 1 - the day Hong Kong’s stablecoin law took effect. The JV traces back to a February announcement and sandbox work that began in July 2024, with early messaging that Anchorpoint aims to be among the first HKD-backed issuers once licensing opens.
Singapore remains a heavyweight, but the policy emphasis differs. MAS enforces Travel-Rule compliance on digital-payment-token providers through Notice PSN02 and associated guidelines, a perimeter that investors praise for AML rigor but that can stretch onboarding timelines and constrain product sets for retail access.
Hong Kong, by contrast, is layering in new licenses aimed at OTC dealing and independent custody to close remaining gaps in the institutional stack, with formal consultations led by the Financial Services and the Treasury Bureau and the SFC/HKMA.
For treasurers, the trader read is straightforward. A visible list of licensed exchanges lowers KYC guesswork and reduces the risk of abrupt venue off-boarding, while a stablecoin rulebook clarifies counterparty risk and redemption mechanics ahead of any material balance-sheet use. In practice, desks report that HK-routed flows now price lower operational slippage for fiat ramps and post-trade reconciliation, whereas some Singapore routes still hinge on bilateral arrangements that vary by provider and corridor.
The race is regional, not binary. The EU’s MiCA framework is already shaping global benchmarks for issuer reserves and disclosures, and treasurers with EUR exposure view that architecture as a template for APAC compliance mapping. The UAE’s VARA has also switched on full FRVA/ARVA issuance rulebooks, giving Middle East finance teams a credible alternative hub for stablecoin projects and tokenized cash.
Singapore remains a heavyweight, but the policy emphasis differs. MAS enforces Travel-Rule compliance on digital-payment-token providers through Notice PSN02 and associated guidelines, a perimeter that investors praise for AML rigor but that can stretch onboarding timelines and constrain product sets for retail access.
Hong Kong, by contrast, is layering in new licenses aimed at OTC dealing and independent custody to close remaining gaps in the institutional stack, with formal consultations led by the Financial Services and the Treasury Bureau and the SFC/HKMA.
For treasurers, the trader read is straightforward. A visible list of licensed exchanges lowers KYC guesswork and reduces the risk of abrupt venue off-boarding, while a stablecoin rulebook clarifies counterparty risk and redemption mechanics ahead of any material balance-sheet use. In practice, desks report that HK-routed flows now price lower operational slippage for fiat ramps and post-trade reconciliation, whereas some Singapore routes still hinge on bilateral arrangements that vary by provider and corridor.
The race is regional, not binary. The EU’s MiCA framework is already shaping global benchmarks for issuer reserves and disclosures, and treasurers with EUR exposure view that architecture as a template for APAC compliance mapping. The UAE’s VARA has also switched on full FRVA/ARVA issuance rulebooks, giving Middle East finance teams a credible alternative hub for stablecoin projects and tokenized cash.
Author
Sebile Fane cut her teeth in blockchain by building tiny NFT experiments with friends in her living room, long before the buzzwords took hold. She’s driven by a curiosity for the human stories behind smart contracts — whether it’s a small-town artist minting her first token or a DAO voting on climate grants — and weaves technical insight with genuine empathy.
