In November 2025, the tokenization ecosystem "Ensemble", jointly promoted by the Hong Kong Monetary Authority and the Securities and Futures Commission, officially emerged from the regulatory sandbox and entered the real trading phase.
The virtual asset industry in Hong Kong has reached a crucial milestone, with the issuance of the first batch of stablecoin licenses entering the countdown. As the Q1 2026 french window approaches.
Another significant collaboration has been added to the integration of AI and robotics industries. According to a report by Shanghai Securities News, Zhiyuan Robotics has reached a strategic cooperation with MiniMax (00100.HK).
On June 1, 2023, the licensing system for Virtual Asset Service Providers (VASP) in Hong Kong officially came into effect, specifying that centralized virtual asset exchanges must be licensed to serve retail investors.
In the process of implementing Web3 technology, real-world asset tokenization (RWA) has become the key to connecting the digital and real economy. In 2025, the integration of policies and industries will accelerate.
This leap from "Digital Cash 1.0" to "Digital Deposit Currency 2.0" marks a new stage of development for China's legal digital currency, and will have a profound impact on personal financial life, industrial ecological layout.
Recently, several local banks and fintech companies have started preparations for the issuance of compliant Hong Kong dollar stablecoins. These stablecoins will be linked to the Hong Kong dollar in a 1:1 reserve ratio.
By the end of 2025, Hong Kong-listed Gaoshan Enterprises, in collaboration with Futu, plans to enter the ASEAN stablecoin market, while Binance's ecosystem will incorporate the stablecoin USD1 into its reserve holdings.
HashKey Holdings, Asia's leading comprehensive digital asset provider, formally listed on the Hong Kong Stock Exchange. This marked the market's inaugural IPO of a pure-play Web3 concept stock and licensed virtual asset service provider.
On 24 Dec 2025, Hong Kong's FS&TB and SFC jointly announced major regulatory measures, proposing two new virtual asset licences for advice and management services.