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South China Morning Post
6 days ago
- Business
- South China Morning Post
New stablecoin law to enhance Hong Kong's financial appeal to global issuers
The expected increase in market demand for stablecoins will encourage licensed institutions overseas to issue such cryptocurrencies in Hong Kong, boosting competitiveness, according to the city's financial chief as it prepares for its regulatory regime to take effect in August. In his weekly blog on Sunday, Financial Secretary Paul Chan Mo-po said that the city market value of stablecoins globally was estimated at around US$240 billion (US$30.6 billion), with trading volume exceeding US$20 trillion last year. 'With the booming digital asset market, the market demand for stablecoins is expected to increase further,' Chan said. 'We have noticed that many market players are very interested in this.' He said after the law comes into effect, the Hong Kong Monetary Authority would process the license applications received as soon as possible to enable qualified applicants to conduct their business, 'bringing new opportunities to Hong Kong's real economy and financial services'. Hong Kong is among the first jurisdictions globally to introduce detailed regulations for the issuance of stablecoins, which are cryptocurrencies typically pegged to a reference asset, such as a fiat currency like the US dollar. The relevant ordinance is scheduled to take effect on August 1. The new regulatory framework provides Hong Kong with one of the most comprehensive legal frameworks for stablecoins and comes amid a worldwide push to regulate digital assets, which some fear could destabilise financial systems due to the ease with which they enable money to cross borders. Coupled with the city's significant offshore yuan holdings and mainland China's restrictions on cryptocurrency use, the new law has raised hopes that the city could secure a prominent position in the stablecoin market, which is currently dominated by US dollar-backed tokens, such as Tether's USDT and Circle's USDC.
Bloomberg
11-06-2025
- Business
- Bloomberg
Paul Chan Says Hong Kong IPO Pipeline Strong
Hong Kong Financial Secretary Paul Chan says the IPO pipeline is "very strong" and that the "central authorities are very supportive" of mainland Chinese companies coming to the city for listings in a conversation with Bloomberg's David Ingles. (Source: Bloomberg)
South China Morning Post
08-06-2025
- Business
- South China Morning Post
Hong Kong's Paul Chan expects tourism sector to make robust recovery in 2025
Hong Kong's finance chief expects the tourism sector to make a robust recovery this year, citing the 10 and 18 per cent year-on-year growth in the number of mainland Chinese and international visitor arrivals recorded in the first five months of 2025. Financial Secretary Paul Chan Mo-po also said he was confident the figures would continue to go up, partly thanks to a series of mega-events set to be held throughout the year. In his weekly blog on Sunday, he noted that the city recorded about 20 million visitor arrivals in the first five months of the year, with mainlanders accounting for about three-quarters of the figure. In comparison, Hong Kong logged about 18 million visitor arrivals between January and May of last year. Among that figure, mainland travellers made up nearly 80 per cent. Chan attributed the growth to the city's recent hosting of a string of mega-events such as the Hong Kong Sevens and the Art Basel fair in March, and the ongoing Hong Kong Pop Culture Festival. 'The diverse carriers bring together common fans from local and surrounding areas, including more than 80 million compatriots in the Greater Bay Area, as well as friends from the rest of the mainland and other parts of Asia,' he wrote.
South China Morning Post
06-05-2025
- Business
- South China Morning Post
Hong Kong poised to approve Victoria Harbour reclamation for private yacht bays
Yacht bays proposed for Hong Kong's Victoria Harbour could be the first private projects to benefit from new legislation facilitating small-scale reclamation, expected to be passed on Wednesday, according to a watchdog and a surveyor. Advertisement However, the amended law, which exempts small projects from the reclamation ban in Victoria Harbour, has also sparked concerns about the potential privatisation of natural resources amid calls for authorities to ensure public access. The current legal framework forbids any reclamation in the harbour unless it is proven to have an 'overriding public need' supported by 'cogent and convincing materials'. The government deemed this too stringent for minor works intended to enhance the waterfront. The Development Bureau's proposed legal changes would allow small-scale reclamation of 0.8 hectares or less, including for erecting specified structures designed to enhance the harbour, such as piers, boardwalks, and moorings. However, such projects would require approval from the Financial Secretary following consultation with the government-appointed Harbourfront Commission advisory body and district councillors. Advertisement The legal amendments would also permit temporary reclamation not exceeding three hectares, with a seven-year completion time frame, subject to stakeholder consultation and government approval, and the submission of an annual progress report.
