Hong Kong’s stablecoin licensing regime will officially take effect from August 1, according to confirmation from Financial Services Secretary Christopher Hui. At the Hong Kong Digital Finance Awards, Hui emphasized the commitment to building a virtual asset ecosystem through prudent regulation and promoting innovation.
The new regulations are part of the digital asset program “Policy Statement 2.0,” requiring stablecoins to be fully backed by high-quality and liquid assets. The government also plans to legalize the issuance of tokenized government bonds and encourage the tokenization of other assets to improve liquidity.
To develop the market, regulatory authorities have clarified the tax treatment for tokenized ETFs and are drafting regulations on tax incentives for profits from blockchain activities. Major tech companies like Ant Group have expressed their intention to apply for a license to issue stablecoins.
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