Hong Kong's stablecoin licensing adopts a "small steps and quick progress" approach, emphasizing that it is solely a payment tool and not an investment target

ME News, April 13 (UTC+8): Hong Kong Financial Secretary Chen Maobo stated that Hong Kong is taking a “small steps, fast pace” strategy for stablecoin regulation. In the first batch, only a small number of licenses will be issued, and applicant institutions are required to have practical application scenarios. After the program is implemented and begins operating on the ground, and experience is summarized, the second batch of license approvals will be further promoted.

He pointed out that stablecoins and digital assets fall within the field of financial innovation and that a balance must be struck between encouraging development and preventing risks, including establishing regulatory mechanisms such as anti-money laundering. At the same time, he emphasized that stablecoins have the advantages of decentralization and high efficiency, but in essence they are payment tools, not investment tools.

In addition, Chen Maobo noted that amid the current international situation and security environment, Hong Kong needs to remain highly vigilant. It will achieve “active defense” by enhancing the competitiveness and global influence of its financial markets. Currently, the government and financial institutions have already established an around-the-clock, cross-market monitoring system to ensure the stable operation of the market. (Source: Aastdaq Finance)