Hong Kong's stablecoin licensing adopts a "small steps, quick progress" approach, emphasizing that it is solely a payment tool and not an investment target

Mars Finance News, on April 13th, Hong Kong Financial Secretary Paul Chan Mo-po stated that Hong Kong is adopting a “step-by-step” approach to stablecoin regulation, issuing only a small number of licenses in the initial phase and requiring applicant institutions to have practical application scenarios. After implementation and experience summarization, the second batch of licenses will be issued. He pointed out that stablecoins and digital assets belong to the field of financial innovation, which requires balancing development encouragement with risk prevention, including establishing anti-money laundering and other regulatory mechanisms. At the same time, he emphasized that stablecoins have the advantages of decentralization and high efficiency, but fundamentally are payment tools rather than investment tools. Additionally, Paul Chan Mo-po mentioned that under the current international situation and security environment, Hong Kong needs to remain highly vigilant, achieving “proactive defense” by enhancing the competitiveness and global influence of its financial markets. Currently, the government and financial institutions have established a 24/7, cross-market monitoring system to ensure stable market operation.