Hong Kong will accelerate licensing for virtual asset platforms and expand tokenization efforts, according to a written reply by Secretary for Financial Services and the Treasury Christopher Hui at the Legislative Council on July 30.
The government said the Stablecoin Ordinance will take effect on August 1, completing the framework alongside the licensing regime for trading platforms launched in June 2023.
Since January 2025, all new applicants are subject to an expedited licensing procedure that involves risk‑based on‑site inspections and external assessments overseen by the SFC. Regulators have also expanded sandbox mechanisms covering blockchain, tokenization, and AI applications to allow trials under controlled conditions.
Hui confirmed that the Securities and Futures Commission (SFC) has licensed 11 platforms and is reviewing another nine.
The Hong Kong Monetary Authority is preparing a third issuance, while the SFC has already approved tokenized investment products for retail investors, including gold tokens and money market funds. Future plans include exploring tokenization of real estate and private equity funds. The HKMA’s Project Ensemble is working on infrastructure to support tokenized deposits and other traditional financial products.
Hui said the government will regularize tokenized green bond issuance, following successful offerings in 2023 and 2024.