Hong Kong Reaffirms Web3 Ambitions With Stablecoin Licenses Due in March

At the opening of the Consensus Hong Kong 2026 on February 11, 2026, Hong Kong’s Chief Executive John Lee Ka-chiuoutlined a policy framework aimed at accelerating the city’s transition into a global Web3 and digital asset hub.

The strategy builds on regulatory milestones already in motion and introduces additional oversight measures scheduled for 2026.

Lee’s remarks centered on Hong Kong’s positioning under the “one country, two systems” framework, which enables the city to connect mainland China’s structural advantages with international capital markets.

Stablecoin Licensing Moves Into Final Approval Phase

A key milestone highlighted during the address was the upcoming issuance of stablecoin licenses. The Hong Kong Monetary Authority is currently processing applications and expects to grant the first batch of stablecoin issuer licenses in March 2026.

This follows the implementation of the Stablecoin Ordinance in August 2025, which established a formal regulatory pathway for fiat-referenced digital assets. The licensing rollout represents a shift from policy drafting to operational enforcement, signaling that Hong Kong’s stablecoin framework is entering its implementation stage.

Liquidity and Oversight Expansion Under ASPIRe Framework

The Securities and Futures Commission is advancing its “ASPIRe” roadmap, designed to enhance liquidity in virtual asset markets and broaden product availability. The initiative aims to strengthen market depth while maintaining structured oversight.

In parallel, regulators plan to submit a draft ordinance in 2026 targeting crypto advisory services. This expansion would extend supervision beyond exchange platforms, complementing the existing regime that currently includes 11 licensed virtual asset trading platforms.

The progression from exchange licensing to advisory regulation suggests a move toward full-spectrum oversight of digital asset services.

Real-World Asset Tokenization Remains Central

Tokenization of real-world assets continues to serve as a strategic pillar. Following pilot programs involving tokenized money market funds and green bonds, authorities are positioning RWA tokenization as a mechanism to integrate traditional finance with blockchain infrastructure.

By emphasizing regulated tokenization, Hong Kong appears focused on institutional-grade use cases rather than speculative retail expansion, reinforcing its positioning as a structured financial center rather than a lightly regulated crypto jurisdiction.

Structural Advantages Highlighted by Leadership

Lee identified three competitive pillars supporting Hong Kong’s digital asset development:

• A regulatory framework grounded in the principle of “same activity, same risk, same regulation,” balancing innovation with investor protection.
• Deep financial liquidity tied to Hong Kong’s role as an international financial center capable of supporting institutional-scale participation.
• Institutional safeguards, including custody requirements such as a minimum paid-up capital threshold of HK$10 million to ensure asset security.

Strategic Outlook

The 2026 roadmap reflects a transition from policy signaling to regulatory execution. With stablecoin licensing imminent, advisory oversight expanding, and tokenization pilots progressing, Hong Kong is moving to formalize its Web3 infrastructure within a tightly structured legal framework.

The effectiveness of this approach will depend on whether liquidity initiatives and institutional participation scale in parallel with regulatory clarity, reinforcing Hong Kong’s ambition to serve as a global bridge between traditional finance and digital asset markets.

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