Hong Kong Financial Secretary Paul Chan: Stablecoins refuse to invest or speculate, license approval is only for applicants with solid real-world use cases

Hong Kong's financial secretary, Paul Chan, said at Fintechweek 2025 in Hong Kong that Hong Kong's financial regulators have a dual mandate to regulate and promote market development. While encouraging innovation, we must also ensure true applicability, investor protection, and financial stability in the regulation of digital assets. Whether it is a digital asset trading platform or a stablecoin, we pursue the same activities, the same risks, and the same regulatory principles. In particular, our regulatory approach to stablecoins is clear. Stablecoins are not for investment or speculation, but to promote cost reduction, cross-border transactions, and real economic activities. This is why, under the licensing regime, the approval of stablecoin licenses is only for applicants who have their own sustainable and robust business model support and real use cases.