Hong Kong Financial Secretary Paul Chan said in the 2026-27 Budget Speech published Feb. 25 that the first batch of licences for issuers of fiat-referenced stablecoins will be issued next month, as the city moves to operationalize its stablecoin licensing regime.
Chan added the government will introduce a bill this year to establish licensing regimes for, among others, digital asset dealing and custodian service providers. He said regulators will keep facilitating licensed stablecoin issuers to test application scenarios in a compliant, risk-controlled manner, while the Securities and Futures Commission plans steps to enhance digital-asset market liquidity, broaden products and services for professional investors, and set up an accelerator to expedite market innovation.
Next, stakeholders will watch for the first licence approvals in March, the introduction of the digital-asset bill this year, and follow-on guidance for tokenisation in bond issuance and transactions, including clarification that registers of debenture holders can be kept via a distributed ledger.
Source: Hong Kong Government Budget Speech (Financial Secretary Paul Chan).
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