POLICY EXPRESS · PE-FSTB-162 · Financial Services and the Treasury Bureau
Digital Assets, Stablecoins and Tokenisation
Two of 36 applicants hold stablecoin licences and the first HKD token is live for institutions, but the rulebook and settlement money are unfinished.
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2 pages · English and 繁體中文 · Built on the 1134211 Framework · Facts as at 25 October 2026
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The tension and our thesis
The tension
Hong Kong has licensed its first stablecoin issuers and one token is live, yet it is institutional-only, the surrounding rulebook is unfinished and the money that settles tokenised assets is still being chosen.
Our thesis
Show real use, finish the rulebook and settle the settlement question before licensing more.
Three policy problems this brief examines
- 01Licensing is narrow and launch is institutional
- 02The surrounding rulebook is unfinished
- 03Settlement money is still being chosen
Each problem is developed in three layers: the fact, why it persists, and the consequence for the system.
Three options compared
A · Open the door: grant more issuer licences quickly to build volume.
B · Rules first: pass the dealing and custody bill and platform rules.
C · Settlement first: commit to one settlement money before more products.
The scored comparison, the justified recommendation with its phased measures, the implementation challenges, the stakeholder assessment and the success metrics are in the full brief.
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Both pages, in English and Traditional Chinese: the introduction and background, key figures, the three policy problems, the scored options, the recommendation with its phased measures, the implementation challenges, the stakeholder assessment and the conclusion.
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