Leveraging the advantages of ‘one country, two systems’ and its heritage as an international financial centre, Hong Kong is actively expanding international Web3 cooperation.
Against the backdrop of accelerating global digital currency regulation and adoption, Hong Kong has charted a clear policy course for stablecoin development.
As Hong Kong's cryptocurrency policies continue to open up, mainland enterprises' stablecoin strategies are undergoing shifts. Reports indicate that leading firms including Ant Group and JD.com have suspended stablecoin projects.
The cryptocurrency market has witnessed renewed volatility, with Ethereum (ETH) plunging in tandem on 18 December, breaching the critical $2,800 threshold. The daily decline reached 5.6%, hitting a low of $2,750.
At this critical juncture where Web3 industry development enters deeper waters, the Hong Kong Government has explicitly designated the tokenisation of real-world assets (RWA) as a core development direction.
In 2025, Hong Kong has rolled out a flurry of impactful regulatory initiatives in the Web3 space, achieving remarkable outcomes and continuously refining the industry’s compliance framework through a series of targeted policies.
Against the backdrop of deepening regulatory compliance within the Web3 sector, Hong Kong has established the tokenisation of Real-World Assets (RWAs) as a key development priority.
As the regulatory framework for Web3 continues to evolve, Hong Kong has extended its oversight to encompass wallet and custodial services, propelling the industry's compliance efforts into a new phase.
The licensing regime for stablecoin operators will formally commence on 1 August, while preparatory work for the licensing system for virtual asset custodial services is accelerating, with public consultation slated to begin within 2025.