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Hong Kong stablecoin licensing 2025
Key Points:* Hong Kong limits initial stablecoin licenses to ensure compliance.
Hong Kong’s move to regulate stablecoins aims to enhance cross-border payment security and mitigate financial system risks for developing countries. This strategy positions Hong Kong as a leader in digital asset regulation.
Limited Stablecoin Licenses Aim to Boost Payment Security
Christopher Hui announced that Hong Kong will issue only a limited number of stablecoin licenses in the initial phase. Applications will be highly selective, focusing on quality compliance. Hui emphasized that no legal restrictions apply to the choice of pegged currency, although discussions are necessary for non-local currencies.
The initiative primarily targets cross-border payments, aiming to assist developing countries facing currency depreciation. Stablecoins issued under this regime can significantly reduce settlement times and lower transfer costs, suggesting a potential transformation in payment infrastructure.
Industry reactions have been largely positive, with over 40 firms expressing interest. JD.com aims to leverage these licenses to reduce cross-border payment costs and enhance transaction speeds. This strong interest highlights confidence in the scheme’s credibility and market potential.
Hong Kong Emulates Singapore’s Regulatory Success in Stablecoin Market
Did you know? Hong Kong’s stablecoin initiative could mirror Singapore’s success, where regulatory frameworks significantly increased market transparency and institutional growth.
Ethereum (ETH) stands at $3,050.05 with a market cap of $368.19 billion. Boasting a market dominance of 9.73%, its trading volume reached $22.61 billion in the past 24 hours. ETH’s recent price changes include a 3.22% increase over 24 hours, with substantial growth of 86.73% over the past 90 days, as per CoinMarketCap data.
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