https://www.scmp.com/rss/521412/feed Stablecoins are cryptocurrencies that maintain a stable value by being pegged to a reference asset, typically backed by fiat currency such as the US dollar, offering a less volatile alternative to other digital assets. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Enoch Yiu Enoch Yiu HSBC and a joint venture led by Standard Chartered have been awarded Hong Kong’s first stablecoin issuer licences, marking the city’s latest step towards embracing cryptocurrency’s most-traded cash substitute in its bid to become a global digital asset hub. Eight months after Hong Kong’s Stablecoin Ordinance, one of the world’s first such laws, took effect, HSBC and Anchorpoint Financial, the Standard Chartered-led group, received the green light from the Hong Kong Monetary Authority (HKMA) on... https://www.scmp.com/business/cryptocurrency/article/3349644/hong-kong-awards-stablecoin-licences-hsbc-stanchart-led-group-long-awaited-roll-out?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3349644/hong-kong-awards-stablecoin-licences-hsbc-stanchart-led-group-long-awaited-roll-out?utm_source=rss_feed Fri, 10 Apr 2026 09:09:55 +0000 Letters Letters Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words As Hong Kong prepares to issue its first stablecoin licences, much of the debate frames stablecoins in Hong Kong, China’s digital renminbi and US dollar-backed tokens as rival currencies competing on the same track. That comparison, however, risks missing the point. While these... https://www.scmp.com/opinion/letters/article/3349155/hong-kong-not-competing-us-stablecoins-or-digital-renminbi?utm_source=rss_feed https://www.scmp.com/opinion/letters/article/3349155/hong-kong-not-competing-us-stablecoins-or-digital-renminbi?utm_source=rss_feed Tue, 07 Apr 2026 03:30:08 +0000 SCMP Editorial SCMP Editorial Better safe than sorry – that seems to be why authorities have delayed the stablecoin roll-out. Industry players had expected the Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, to announce the granting of a small number of stablecoin licences at the end of March. But the date came and went. The regulatory review process appears to be taking longer, given the regulators’ well-known cautious stance. But the policy – to make Hong Kong a digital-asset hub with stablecoins... https://www.scmp.com/opinion/comment/article/3348924/stablecoin-launch-delay-shows-hong-kong-would-rather-be-safe-sorry?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3348924/stablecoin-launch-delay-shows-hong-kong-would-rather-be-safe-sorry?utm_source=rss_feed Sun, 05 Apr 2026 23:15:16 +0000 Julie Zhang,Enoch Yiu Julie Zhang,Enoch Yiu Hong Kong’s highly anticipated first batch of stablecoin licences did not materialise as expected by the end of March. Industry players said the delay may be caused by a slower-than-expected review process, adding that it could also be due to the regulators’ cautious stance towards launching the first batch of regulated stablecoin licences as the city seeks to cement its status as a digital-asset hub. “I don’t think [the delay] is caused by the market,” said Jack Poon, a member of the task force... https://www.scmp.com/business/banking-finance/article/3348492/hong-kongs-anticipated-stablecoin-licence-end-march-does-not-materialise?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3348492/hong-kongs-anticipated-stablecoin-licence-end-march-does-not-materialise?utm_source=rss_feed Wed, 01 Apr 2026 00:30:08 +0000 Kandy Wong Kandy Wong Professor Kenneth Rogoff of Harvard University has repeatedly warned that the US dollar is approaching a crisis of legitimacy. Having written extensively on the global recession in the late 2000s, Rogoff has turned his focus to the US currency’s increasingly unstable place at the top of the world’s financial hierarchy. A former chief economist at the International Monetary Fund and a chess grandmaster, he published Our Dollar, Your Problem in May last year. In this interview, Rogoff elaborates... https://www.scmp.com/economy/china-economy/article/3348156/why-kenneth-rogoff-thinks-chinas-yuan-will-be-reserve-currency-next-5-years?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3348156/why-kenneth-rogoff-thinks-chinas-yuan-will-be-reserve-currency-next-5-years?utm_source=rss_feed Sun, 29 Mar 2026 22:00:18 +0000 Kandy Wong Kandy Wong Welcome to Open Dialogue, a series from the South China Morning Post where we bring together leading voices to discuss the stories and subjects occupying international headlines. In this edition, we invited a prominent industry player and economist to reflect on the role of stablecoins, cryptocurrencies pegged to fiat currencies or other assets. They discuss the differing approaches of China and the United States, as well as Hong Kong’s role in China’s strategy, as the city is expected to issue... https://www.scmp.com/economy/china-economy/article/3347710/gary-liu-and-liu-xiaochun-what-role-stablecoins-could-play-china-and-us?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3347710/gary-liu-and-liu-xiaochun-what-role-stablecoins-could-play-china-and-us?utm_source=rss_feed Tue, 24 Mar 2026 22:00:28 +0000 Eunice Xu Eunice Xu In late 2022, Syed Musheer Ahmed packed his bags and departed Hong Kong. The founder of fintech advisory firm FinStep Asia headed for Dubai, where he joined the founding team of the Gulf city’s new digital-asset regulator, Virtual Assets Regulatory Authority (VARA). Like many in Hong Kong’s crypto scene at the time, Ahmed was drawn by the Middle East’s regulatory clarity – a stark contrast to the uncertainty and Covid-19 restrictions still lingering in his adopted home. “Dubai came up as a good... https://www.scmp.com/tech/blockchain/article/3347286/will-hong-kongs-regulatory-clarity-crypto-forge-path-global-hub-status?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3347286/will-hong-kongs-regulatory-clarity-crypto-forge-path-global-hub-status?utm_source=rss_feed Sat, 21 Mar 2026 04:00:08 +0000 Xinmei Shen Xinmei Shen US crypto advocates have increasingly pointed to competition with China’s new interest-bearing e-CNY to demand legislative clarity on stablecoin yields, but China is charting a completely different course for the future of digital money, experts said. “The world’s two largest economies are not so much competing in digital assets as they are pursuing very different strategies,” said Andrew Fei, a partner at law firm King & Wood Mallesons in Hong Kong. Winston Ma, adjunct professor and executive... https://www.scmp.com/news/us/article/3347221/us-china-split-digital-money-deepens-stablecoin-debate-stalls-clarity-act?utm_source=rss_feed https://www.scmp.com/news/us/article/3347221/us-china-split-digital-money-deepens-stablecoin-debate-stalls-clarity-act?utm_source=rss_feed Thu, 19 Mar 2026 17:22:14 +0000 Aileen Chuang Aileen Chuang HSBC and a joint venture led by Standard Chartered are expected to be among the first companies to obtain Hong Kong’s stablecoin licences within two weeks, according to people familiar with the matter. The number of licences and timetable had yet to be finalised and remained subject to change, but sources said a possible date was March 24. The two banks declined to comment. The Hong Kong Monetary Authority (HKMA) last month revealed that a small number of stablecoin licences would be granted... https://www.scmp.com/business/cryptocurrency/article/3346311/hong-kong-poised-grant-first-stablecoin-licences-hsbc-standard-chartered-sources?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3346311/hong-kong-poised-grant-first-stablecoin-licences-hsbc-standard-chartered-sources?utm_source=rss_feed Thu, 12 Mar 2026 09:00:08 +0000 Natalie Wong,Lam Ka-sing Natalie Wong,Lam Ka-sing A new government committee tasked with reviewing Hong Kong’s tax policies will consider updating them to allow for levies on the virtual asset sector and selected emerging industries, while providing incentives to attract business and investment, the South China Morning Post has learned. The SCMP learned of the development on Wednesday as experts called for Financial Secretary Paul Chan Mo-po to regard the new Advisory Committee on Tax Policy, which he will chair, as an opportunity to conduct a... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3344648/hong-kongs-virtual-asset-sector-considered-taxation-under-policy-review?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3344648/hong-kongs-virtual-asset-sector-considered-taxation-under-policy-review?utm_source=rss_feed Wed, 25 Feb 2026 15:12:25 +0000 Aileen Chuang,Emily Hung Aileen Chuang,Emily Hung Hong Kong is aiming to sharpen its competitive edge as an offshore yuan hub, an asset and wealth management base, and a digital-asset front runner under Financial Secretary Paul Chan Mo-po’s budget released on Wednesday. Market participants largely welcomed Hong Kong’s renewed push to strengthen its position as an international financial centre, after Chan highlighted the city’s unique role in driving the yuan’s internationalisation and capital account opening. The initiative comes as Beijing... https://www.scmp.com/news/hong-kong/article/3344634/hong-kong-seeks-hone-edge-offshore-yuan-hub-digital-asset-front-runner?utm_source=rss_feed https://www.scmp.com/news/hong-kong/article/3344634/hong-kong-seeks-hone-edge-offshore-yuan-hub-digital-asset-front-runner?utm_source=rss_feed Wed, 25 Feb 2026 12:23:24 +0000 Sylvia Ma Sylvia Ma With Hong Kong set to unveil its annual budget, economists have said the city should strengthen its role in pushing the internationalisation of the Chinese yuan as Beijing presses ahead with financial opening while keeping stability firmly in view. From expanding offshore yuan products to using its stablecoin regulations as a sandbox for potential cross-border payment channels, the experts said that Hong Kong could help realise the nation’s vision of becoming a “financial powerhouse”, especially... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3344264/should-hong-kongs-next-budget-make-room-taking-yuan-global-experts-weigh?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3344264/should-hong-kongs-next-budget-make-room-taking-yuan-global-experts-weigh?utm_source=rss_feed Mon, 23 Feb 2026 00:00:30 +0000 Aileen Chuang Aileen Chuang This Lunar New Year, Hongkongers can gift friends and family digital gold tokens, a new way of blending the city’s tradition of giving gold for good wishes with the convenience of blockchain technology. HSBC added this new transfer feature earlier this month to its retail gold token, which represents fractional ownership of physical gold stored in a secure vault and is the only retail-focused gold token approved by Hong Kong’s Securities and Futures Commission. The bank’s enhancement to its gold... https://www.scmp.com/business/cryptocurrency/article/3343695/what-tokenised-gold-and-why-are-financial-institutions-and-investors-looking-it?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3343695/what-tokenised-gold-and-why-are-financial-institutions-and-investors-looking-it?utm_source=rss_feed Tue, 17 Feb 2026 02:00:17 +0000 Yeon Woo Lee Yeon Woo Lee Hong Kong’s securities regulator unveiled several new initiatives on Wednesday aimed at further developing the city’s virtual asset sector while strengthening investor safeguards. The announcements by the Securities and Futures Commission (SFC) coincided with Consensus 2026, a major cryptocurrency conference running this week at the Hong Kong Convention and Exhibition Centre, attended by industry figures such as Binance CEO Richard Teng and Solana Foundation president Lily Liu. “[At Consensus... https://www.scmp.com/business/banking-finance/article/3343189/hong-kong-bridges-traditional-and-digital-finance-worlds-new-virtual-asset-initiatives?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3343189/hong-kong-bridges-traditional-and-digital-finance-worlds-new-virtual-asset-initiatives?utm_source=rss_feed Wed, 11 Feb 2026 09:30:20 +0000 Eunice Xu Eunice Xu As Consensus 2026 officially kicks off in Hong Kong this week, digital asset firms are rolling out product updates to coincide with one of the industry’s most significant events. Digital asset custodian Hex Trust launched Aura on Wednesday, a wealth management platform for private investors that integrates trading, investment and estate planning. “Aura marks a new evolution for Hex Trust,” said the firm’s CEO and co-founder Alessio Quaglini in a press release. He noted that while Hex Trust had... https://www.scmp.com/tech/tech-trends/article/3343075/stablecoins-wealth-platforms-launched-consensus-2026-amid-tighter-beijing-oversight?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3343075/stablecoins-wealth-platforms-launched-consensus-2026-amid-tighter-beijing-oversight?utm_source=rss_feed Wed, 11 Feb 2026 01:00:14 +0000 Ji Siqi Ji Siqi More than a month after China’s central bank upgraded the digital yuan from a cash equivalent to “digital deposit money” – allowing it to accrue interest like a bank deposit – many residents and merchants in Beijing have yet to notice a major difference. While signs accepting digital yuan – also known as e-CNY – have long been commonplace in department stores and supermarkets, multiple sales staff said the dedicated point-of-sale machines had sat idle for months, if not years. At most wet... https://www.scmp.com/economy/china-economy/article/3343032/china-takes-gradual-approach-digital-yuan-upgrade-and-expansion?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3343032/china-takes-gradual-approach-digital-yuan-upgrade-and-expansion?utm_source=rss_feed Tue, 10 Feb 2026 07:29:06 +0000 Ji Siqi,Eunice Xu Ji Siqi,Eunice Xu With China explicitly banning onshore tokenisation of real-world assets (RWAs) while tightening scrutiny of related offshore activities, analysts say the clampdown is aimed at curbing financial fraud and disorderly capital outflows, while still preserving space for regulated innovation in markets such as Hong Kong. Tokenisation refers to the process of converting the rights to an RWA – including real estate, art, bonds and commodities like gold – into a digital token. Such tokens represent... https://www.scmp.com/economy/china-economy/article/3342952/chinas-necessary-asset-tokenisation-ban-targets-scams-and-capital-flight-analysts-say?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3342952/chinas-necessary-asset-tokenisation-ban-targets-scams-and-capital-flight-analysts-say?utm_source=rss_feed Mon, 09 Feb 2026 12:30:19 +0000 Xiaofei Xu Xiaofei Xu Chinese authorities issued a notice on Friday that tightened regulations on virtual currency trading, expanding Beijing’s crackdown on cryptocurrencies to the tokenisation of real world assets (RWA). Onshore RWA tokenisation activities and related intermediary or technology services for securities issuance, financial operations or fundraising were banned, according to the notice, which added that exceptions may apply in specific cases if approved by authorities. “Overseas entities and... https://www.scmp.com/business/cryptocurrency/article/3342751/china-tightens-crypto-crackdown-onshore-rwa-tokenisation-ban?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3342751/china-tightens-crypto-crackdown-onshore-rwa-tokenisation-ban?utm_source=rss_feed Sat, 07 Feb 2026 06:20:40 +0000 Raymond Ma,Neil Denslow Raymond Ma,Neil Denslow Hong Kong and Chinese stocks had their worst week in almost three months, as risk appetite crumbles worldwide. The Hang Seng Index fell 3.3 per cent in Hong Kong and the CSI300 Index lost 1.3 per cent, as both gauges suffered their biggest weekly declines since November. Technology stocks were the biggest fallers in Hong Kong, including chipmaker SMIC, and internet companies Kuaishou, Baidu and Tencent. The sell-off was part of a global rout, with bitcoin slumping to a 15-month low, gold and... https://www.scmp.com/plus/business/markets/article/3342661/stocks-fall-xi-trump-putin-calls-japan-election?utm_source=rss_feed https://www.scmp.com/plus/business/markets/article/3342661/stocks-fall-xi-trump-putin-calls-japan-election?utm_source=rss_feed Fri, 06 Feb 2026 09:01:36 +0000 Xinmei Shen Xinmei Shen US Treasury Secretary Scott Bessent said he “would not be surprised” if China is already looking into ways to challenge the US’ pre-eminence in digital assets, given Hong Kong's efforts to develop the industry. When testifying before the Senate Banking Committee on Thursday, Bessent said that there are “lots of rumours of Chinese digital assets” possibly being backed by something other than its currency yuan, such as gold, but that the US could not confirm such claims. “We don’t know that for... https://www.scmp.com/news/us/article/3342569/us-treasury-chief-warns-china-could-challenge-us-digital-asset-lead-hong-kong?utm_source=rss_feed https://www.scmp.com/news/us/article/3342569/us-treasury-chief-warns-china-could-challenge-us-digital-asset-lead-hong-kong?utm_source=rss_feed Thu, 05 Feb 2026 20:12:01 +0000 Eunice Xu Eunice Xu Hong Kong’s cryptocurrency investors remain cautiously optimistic despite a sharp market sell-off over the weekend that pushed major digital assets to months-long lows. Bitcoin slid to US$74,541 on Monday morning, its lowest level in 10 months, extending a decline of about 40 per cent from its record high above US$126,000. That peak had been fuelled in part by expectations of a more crypto-friendly stance from the Trump administration. Other major tokens also weakened, with Ethereum down more... https://www.scmp.com/business/article/3342126/hong-kong-crypto-investors-stay-cautious-upbeat-bitcoin-sell-deepens?utm_source=rss_feed https://www.scmp.com/business/article/3342126/hong-kong-crypto-investors-stay-cautious-upbeat-bitcoin-sell-deepens?utm_source=rss_feed Mon, 02 Feb 2026 13:30:17 +0000 Aileen Chuang Aileen Chuang Digital finance has moved into the mainstream as regulated stablecoins and tokenised assets scale up, but industry experts say 2026 will be defined by success in developing interoperable, regulated, use-case-driven rails rather than more digital silos. As more than 130 jurisdictions explore central bank digital currencies (CBDCs), alongside dozens of stablecoin initiatives and a growing array of tokenisation platforms, day-to-day payments and finance are undergoing a rapid structural... https://www.scmp.com/business/cryptocurrency/article/3338656/digital-finance-2026-what-expect-pilot-schemes-move-real-world-use?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3338656/digital-finance-2026-what-expect-pilot-schemes-move-real-world-use?utm_source=rss_feed Sun, 04 Jan 2026 23:30:15 +0000 Ji Siqi,Kandy Wong Ji Siqi,Kandy Wong In an effort to offer an alternative amid the global rise of stablecoins – cryptocurrencies pegged to a reference asset, such as a fiat currency – China’s central bank is poised to upgrade its digital yuan from a cash equivalent to “digital deposit money”. The move, which will allow the digital currency to function like a deposit in a bank account, is expected to broaden global usage of the e-CNY by making it more attractive to banks and individuals, but it also reflects Beijing’s cautious... https://www.scmp.com/economy/china-economy/article/3338159/how-china-upgrading-its-digital-yuan-stablecoin-era?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3338159/how-china-upgrading-its-digital-yuan-stablecoin-era?utm_source=rss_feed Tue, 30 Dec 2025 13:00:09 +0000 Jean Tirole Jean Tirole The fascination with cryptocurrencies shows no sign of fading. With the passage of the Guiding and Establishing National Innovation for US Stablecoins (Genius) Act in July, US lawmakers added to the sense that crypto is here to stay. But an uncomfortable issue remains unresolved: are cryptocurrencies a genuine innovation capable of serving the common good, or a speculative threat to financial and social stability? Not all cryptocurrencies are alike. Unbacked ones, such as bitcoin or Ethereum,... https://www.scmp.com/opinion/world-opinion/article/3337375/harness-crypto-ingenuity-financial-threat-must-first-be-neutralised?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3337375/harness-crypto-ingenuity-financial-threat-must-first-be-neutralised?utm_source=rss_feed Fri, 26 Dec 2025 12:30:08 +0000 Xinmei Shen Xinmei Shen Hong Kong will broaden its crypto rule book next year, with regulators preparing new licensing regimes for virtual asset dealers and custodians, as the city pushes to deepen its digital asset market even as Beijing tightens its scrutiny on crypto activities on the mainland. Regulators said on Wednesday they would finalise legislative proposals for two new licensing frameworks – one for providers of virtual asset dealing services, previously referred to as over-the-counter (OTC) trading services,... https://www.scmp.com/tech/article/3337703/hong-kong-broaden-crypto-rules-new-licences-dealers-and-custodians?utm_source=rss_feed https://www.scmp.com/tech/article/3337703/hong-kong-broaden-crypto-rules-new-licences-dealers-and-custodians?utm_source=rss_feed Thu, 25 Dec 2025 10:00:16 +0000 Ji Siqi,Xiaofei Xu Ji Siqi,Xiaofei Xu In an effort to further promote the internationalisation of China’s currency, Beijing has pledged to expand the use of its digital yuan, including by establishing a cross-border payment pilot with Singapore. The measures, announced by the People’s Bank of China on Wednesday, are tied to a broader financial support plan for China’s New International Land-Sea Trade Corridor – a trade and logistics network, launched in 2017, that links landlocked cities in western China with hundreds of global... https://www.scmp.com/economy/global-economy/article/3337642/china-expands-digital-yuan-push-singapore-and-asean-trade-routes?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3337642/china-expands-digital-yuan-push-singapore-and-asean-trade-routes?utm_source=rss_feed Wed, 24 Dec 2025 11:30:09 +0000 Sylvia Ma Sylvia Ma The yuan has strengthened in recent months, with the offshore rate hitting its highest level against the US dollar in more than a year, fuelling forecasts that it could reach as high as 6.8 in 2026. The currency’s international profile has also inched upwards as Beijing pushes for wider global use. In this explainer, the Post reviews the yuan’s progress across several fronts, drawing on a recent analysis by Betty Wang, head of North Asia research at Oxford Economics. How far has the yuan... https://www.scmp.com/economy/china-economy/article/3337438/what-chinas-yuan-internationalisation-push-looks-and-what-may-hold-it-back?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3337438/what-chinas-yuan-internationalisation-push-looks-and-what-may-hold-it-back?utm_source=rss_feed Tue, 23 Dec 2025 06:00:45 +0000 Coco Feng Coco Feng The United Arab Emirates (UAE) is rapidly cementing its position as a global leader in the digital asset sector on the back of its regulatory infrastructure and the institutional adoption of cryptocurrencies, according to industry insiders at the fourth edition of Abu Dhabi Finance Week (ADFW). Speaking at ADFW, the largest financial and investment gathering in the Middle East and North Africa, Binance co-CEO Richard Teng said the UAE had been at the industry’s forefront, as capital city Abu... https://www.scmp.com/tech/blockchain/article/3336083/coins-sand-how-uae-draws-global-crypto-community?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3336083/coins-sand-how-uae-draws-global-crypto-community?utm_source=rss_feed Fri, 12 Dec 2025 01:00:25 +0000 Associated Press Associated Press One-time cryptocurrency mogul Do Kwon was sentenced on Thursday to 15 years in prison after a US$40 billion crash revealed his crypto ecosystem to be a fraud. Victims said the 34-year-old financial technology whiz weaponised their trust to convince them that the investment – secretly propped up by cash infusions – was safe. Kwon, a Stanford graduate known by some as “the cryptocurrency king”, apologised after listening as victims – one in court and others by telephone – described the scam’s... https://www.scmp.com/news/world/united-states-canada/article/3336134/do-kwon-gets-15-years-prison-misleading-crypto-investors-who-lost-billions?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3336134/do-kwon-gets-15-years-prison-misleading-crypto-investors-who-lost-billions?utm_source=rss_feed Thu, 11 Dec 2025 22:12:29 +0000 Themis Qi Themis Qi Crypto exchange operator HashKey Holdings has launched its share sale in Hong Kong, testing investor appetite amid repeated warnings against virtual currencies by China’s central bank. Hong Kong’s largest licensed crypto player set its initial public offering (IPO) price range at HK$5.95 to HK$6.95 apiece for more than 240 million shares, according to a filing on Tuesday. The listing date is December 17. With the price range, HashKey is eyeing up to HK$1.67 billion (US$214 million). In October,... https://www.scmp.com/business/cryptocurrency/article/3335725/hashkey-aims-us214-million-hong-kong-ipo-amid-beijings-crypto-pressure?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3335725/hashkey-aims-us214-million-hong-kong-ipo-amid-beijings-crypto-pressure?utm_source=rss_feed Tue, 09 Dec 2025 08:21:01 +0000 Xinmei Shen Xinmei Shen Mainland Chinese industry associations have issued a joint warning to real-world asset (RWA) tokenisation providers after Beijing turned on the screws, dashing hopes that Beijing might ease restrictions on digital-asset activities amid competition with the US. Tokenising real-world assets involves multiple risks such as fake assets, business failure and speculative trading, and Chinese authorities had not approved any such activities, seven industry bodies, including the National Internet... https://www.scmp.com/tech/policy/article/3335440/7-chinese-industry-bodies-issue-rwa-tokenisation-warning-amid-beijings-crackdown?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3335440/7-chinese-industry-bodies-issue-rwa-tokenisation-warning-amid-beijings-crackdown?utm_source=rss_feed Sat, 06 Dec 2025 04:47:38 +0000 Frank Chen Frank Chen Huang Yiping is the dean of Peking University’s National School of Development and a member of the Monetary Policy Committee of the People’s Bank of China, the country’s central bank. He also sits on the Hong Kong stock exchange’s Mainland China Advisory Group. In his second Open Questions interview, Huang shares his thoughts on the need for caution in adopting new technologies like stablecoins and artificial intelligence, China’s next five-year plan and whether its tariff ceasefire with the... https://www.scmp.com/plus/article/3335170/ai-and-stablecoins-risks-and-rewards-china-huang-yiping-sees-them?utm_source=rss_feed https://www.scmp.com/plus/article/3335170/ai-and-stablecoins-risks-and-rewards-china-huang-yiping-sees-them?utm_source=rss_feed Thu, 04 Dec 2025 07:20:08 +0000 Xinmei Shen Xinmei Shen The initial public offering (IPO) of HashKey Holdings, operator of Hong Kong’s largest cryptocurrency exchange, lays bare challenges faced by local platforms under Beijing’s watchful eye, even though the listing itself was recognition of the growing influence of digital assets in the city, according to analysts. HashKey, established in Hong Kong in 2018, on Monday cleared its Hong Kong listing hearing after a confidential filing earlier this year, paving the way for an IPO that could raise up to... https://www.scmp.com/tech/policy/article/3335154/hashkeys-hong-kong-ipo-highlights-crypto-exchange-challenges-under-beijings-watchful-eye?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3335154/hashkeys-hong-kong-ipo-highlights-crypto-exchange-challenges-under-beijings-watchful-eye?utm_source=rss_feed Thu, 04 Dec 2025 06:00:16 +0000 Xinmei Shen Xinmei Shen Beijing’s explicit denunciation of stablecoins as a financial risk has cast fresh doubt on Hong Kong’s ambitions to become a regulated hub for the asset class, according to legal experts and analysts. The People’s Bank of China (PBOC) – together with the public security ministry, the cyberspace administration, the top court and other key financial regulators – said in a statement on Saturday that stablecoins did not meet the mainland’s requirements on customer identification and... https://www.scmp.com/tech/article/3334767/beijings-crypto-warning-casts-shadow-over-hong-kongs-stablecoin-ambitions?utm_source=rss_feed https://www.scmp.com/tech/article/3334767/beijings-crypto-warning-casts-shadow-over-hong-kongs-stablecoin-ambitions?utm_source=rss_feed Mon, 01 Dec 2025 10:30:18 +0000 Aileen Chuang Aileen Chuang Crypto exchange operator HashKey Holdings has cleared its Hong Kong listing hearing after an earlier confidential filing, paving the way for a deal that will test investor confidence in the digital asset sector amid evolving regulation. The operator of Hong Kong’s biggest licensed crypto exchange could raise up to US$300 million, a reduction from a previous target of around US$500 million, in a listing this month, according to a source familiar with the matter. HashKey did not disclose the size... https://www.scmp.com/business/banking-finance/article/3334718/hong-kongs-biggest-crypto-exchange-hashkey-wins-listing-nod-test-investor-appetite?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3334718/hong-kongs-biggest-crypto-exchange-hashkey-wins-listing-nod-test-investor-appetite?utm_source=rss_feed Mon, 01 Dec 2025 04:39:42 +0000 Aileen Chuang Aileen Chuang The rapid rise of tokenisation risks repeating China’s earlier boom-and-bust cycle in peer-to-peer lending unless clear industry standards are established to ensure discipline and innovation, according to a senior Chinese asset manager. Some multilevel marketing companies in mainland China have already started holding meetings discussing real-world asset (RWA) tokenisation projects over the past year, raising “genuine concerns” that the nascent industry might be heading towards a... https://www.scmp.com/business/china-business/article/3334658/tokenisation-trend-risks-repeat-chinas-p2p-lending-crisis-asset-manager-warns?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3334658/tokenisation-trend-risks-repeat-chinas-p2p-lending-crisis-asset-manager-warns?utm_source=rss_feed Sun, 30 Nov 2025 23:30:12 +0000 Xinyi Wu Xinyi Wu Beijing has reaffirmed its tough stance on virtual currencies, warning of a resurgence in speculative trading and vowing to stamp out “illegal activities” involving stablecoins. The People’s Bank of China (PBOC) held a coordination meeting on virtual currency regulation on Friday with a coalition of top regulatory and law enforcement agencies, according to a statement released by the central bank on Saturday. “Business activities related to virtual currencies constitute illegal financial... https://www.scmp.com/economy/china-economy/article/3334675/chinas-central-bank-vows-stamp-out-illegal-activities-trading-stablecoins?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3334675/chinas-central-bank-vows-stamp-out-illegal-activities-trading-stablecoins?utm_source=rss_feed Sun, 30 Nov 2025 11:52:51 +0000 Enoch Yiu Enoch Yiu When Alvin Kwock, co-founder of digital insurer OneDegree, took part in the inaugural Hong Kong FinTech Week in November 2016, it was held at a venue suitable for only a few hundred people. “As it was the first ever fintech event in Hong Kong, only fintech start-ups were interested, no big financial institutions paid attention,” Kwock said. “People did not have a clear idea of fintech as it was still in an exploratory stage.” In the years since, fintech in Hong Kong has gone through a sea... https://www.scmp.com/business/banking-finance/article/3334469/work-progress-hong-kong-reaps-fruits-fintech-seeds-sown-nearly-10-years-ago?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3334469/work-progress-hong-kong-reaps-fruits-fintech-seeds-sown-nearly-10-years-ago?utm_source=rss_feed Sat, 29 Nov 2025 02:00:10 +0000 Kandy Wong Kandy Wong The growing influence of stablecoins is beginning to reshape how some Chinese firms conduct cross-border settlements. In this explainer, the Post outlines four roles that US dollar-backed stablecoins play in China’s overseas trade, based on a recent analysis by Zou Chuanwei, the president of the Jiangsu Jinke Research Institute on Digital and Technology Finance, published in Tsinghua Financial Review. How are Chinese traders using US dollar-backed stablecoins? First, some overseas importers face... https://www.scmp.com/economy/china-economy/article/3334219/how-some-chinese-exporters-benefit-us-dollar-backed-stablecoins?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3334219/how-some-chinese-exporters-benefit-us-dollar-backed-stablecoins?utm_source=rss_feed Wed, 26 Nov 2025 13:30:08 +0000 Hugh Harsono Hugh Harsono Mere days after her election as Japan’s new prime minister, Sanae Takaichi delivered a policy speech declaring that a major priority was to build a strong and resilient economy. Since then, her administration has ushered in a rapid-fire series of policies to support digital assets, with the goal of countering Japan’s sluggish economic growth. This shift has introduced a new dynamic in Asia, with Tokyo clearly no longer content to watch Hong Kong become Asia’s premier cryptocurrency hub. Instead,... https://www.scmp.com/opinion/hong-kong-opinion/article/3333264/japan-takes-aim-crypto-first-mover-hong-kong-must-look-out?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3333264/japan-takes-aim-crypto-first-mover-hong-kong-must-look-out?utm_source=rss_feed Fri, 21 Nov 2025 01:30:09 +0000 Derek Chan Derek Chan In Hong Kong and elsewhere, digital currencies, cryptocurrencies (including stablecoins) and virtual assets are gaining in popularity and are rapidly becoming a mainstream asset class, with retail investors increasingly buying into them. Here in the city, new and groundbreaking legislation has been introduced to implement a regulatory framework which specifically addresses virtual assets, cementing Hong Kong’s status as an innovative global financial hub. The incursion of cryptocurrencies and... https://www.scmp.com/news/hong-kong/law-and-crime/article/3333455/how-hong-kongs-law-protects-those-drawn-crypto-and-virtual-asset-investments?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3333455/how-hong-kongs-law-protects-those-drawn-crypto-and-virtual-asset-investments?utm_source=rss_feed Thu, 20 Nov 2025 01:30:26 +0000 Biman Mukherji Biman Mukherji As governments worldwide debate the merits and dangers of digital currencies, India appears poised to launch its own state-backed stablecoin that uses government debt as collateral. Proponents argue that the Asset Reserve Certificate (ARC) could hasten the global drive towards de-dollarisation, lower India’s borrowing costs and create a “virtuous cycle” for public funding by diversifying the country’s investor base. By tying the token to sovereign debt, developers aim to create a transparent... https://www.scmp.com/week-asia/economics/article/3333378/indias-debt-backed-stablecoin-challenge-us-dollar-dominance-explained?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3333378/indias-debt-backed-stablecoin-challenge-us-dollar-dominance-explained?utm_source=rss_feed Wed, 19 Nov 2025 07:08:33 +0000 Xinmei Shen Xinmei Shen The US and China are ramping up crackdowns on cryptocurrency-related cross-border crimes with a flurry of actions against the suspected ringleaders of scam networks operating in Southeast Asia. In recent years, the border areas between Thailand, Myanmar, Laos and Cambodia have become hubs for online fraud operations, in which syndicates either trick or coerce their targeted victims to invest in bogus schemes and transfer money via bitcoin, ether or stablecoins before these are processed through... https://www.scmp.com/tech/tech-trends/article/3332675/us-chinese-authorities-ramp-actions-against-transnational-syndicates-running-crypto-scams?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3332675/us-chinese-authorities-ramp-actions-against-transnational-syndicates-running-crypto-scams?utm_source=rss_feed Thu, 13 Nov 2025 14:00:20 +0000 Aileen Chuang Aileen Chuang Standard Chartered is positioning Hong Kong as the centre of its digital finance ambitions as it seeks higher returns and prepares for a blockchain-driven future, according to CEO Bill Winters. In a recent interview in Hong Kong, Winters highlighted the city’s pioneering regulatory framework, which he said fostered experimentation with blockchain technology – an innovation that could add value to the financial sector. Winters praised the Hong Kong Monetary Authority (HKMA) for its various pilot... https://www.scmp.com/business/banking-finance/article/3331949/standard-chartered-ceo-hong-kong-central-banks-digital-finance-strategy?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3331949/standard-chartered-ceo-hong-kong-central-banks-digital-finance-strategy?utm_source=rss_feed Mon, 10 Nov 2025 00:30:10 +0000 Xinmei Shen Xinmei Shen Hong Kong continues to ratchet up its cryptocurrency development efforts, as the city’s securities regulator fine-tunes rules to boost the liquidity of local digital-asset trading platforms. The Securities and Futures Commission (SFC) said it would allow locally licensed digital-asset exchanges to integrate their order books with those of their affiliated platforms globally. “What we noticed is that through the creation of this close-loop environment, we are creating a pocket of liquidity only... https://www.scmp.com/tech/policy/article/3331513/hong-kong-pushes-adjustments-digital-asset-rules-beijing-remains-cautious-crypto?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3331513/hong-kong-pushes-adjustments-digital-asset-rules-beijing-remains-cautious-crypto?utm_source=rss_feed Tue, 04 Nov 2025 12:00:24 +0000 Brian Rhoads,Raymond Ma Brian Rhoads,Raymond Ma Chinese Vice-Premier He Lifeng said Hong Kong’s “prospects are very bright” as he highlighted support for the city’s role as a global finance hub in China’s next five-year plan. “As China embarks on this new chapter under the 15th five-year plan, Hong Kong will also usher in major new historical opportunities,” He said in a video address to the city’s Global Financial Leaders’ Investment Summit. Proposals in the five-year plan “made important arrangements to support Hong Kong’s... https://www.scmp.com/plus/article/3331474/superconnector-hong-kong-gets-boost-beijing?utm_source=rss_feed https://www.scmp.com/plus/article/3331474/superconnector-hong-kong-gets-boost-beijing?utm_source=rss_feed Tue, 04 Nov 2025 09:01:11 +0000 Xinmei Shen Xinmei Shen Ant Group chairman Eric Jing Xiandong touted the company’s tokenisation progress and lauded blockchain’s increased role in financial services at Hong Kong Fintech Week this year, but made no mention of its stalled stablecoin pursuit as regulators move to rein in speculative activities. Ant has used tokenised bank deposits to achieve cross-bank real-time settlement this year through the Hong Kong government’s Project Ensemble, Jing said on Monday at the city’s largest fintech conference. Speaking... https://www.scmp.com/tech/blockchain/article/3331285/ant-chairman-touts-tokenised-money-settlement-remains-mum-stablecoin-plans?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3331285/ant-chairman-touts-tokenised-money-settlement-remains-mum-stablecoin-plans?utm_source=rss_feed Mon, 03 Nov 2025 05:01:29 +0000 Xinmei Shen Xinmei Shen A Solana-themed event in southern China that was cut short after a local police inquiry has raised concerns in the country’s cryptocurrency community amid new warnings from Beijing about stablecoin risks, despite organisers attributing the disruption to overcapacity. The Solana blockchain’s Chinese community said on its official social media account that the Solana Accelerate APAC event in Shenzhen, held on Tuesday afternoon, was “exceptionally popular” and attendance far exceeded... https://www.scmp.com/tech/blockchain/article/3330759/solana-event-china-cut-short-beijings-stablecoin-warning-sparks-unease?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3330759/solana-event-china-cut-short-beijings-stablecoin-warning-sparks-unease?utm_source=rss_feed Wed, 29 Oct 2025 13:00:16 +0000 Xinmei Shen Xinmei Shen Ant Group’s trademark application for a digital asset named Antcoin has drawn attention amid the Chinese fintech giant’s stablecoin pursuit, which remains stalled as Beijing reins in mainland firms’ digital asset activities in Hong Kong. Advanced New Technologies, a Cayman Islands-incorporated affiliate of Ant Group that is responsible for managing the fintech company’s intellectual property, in June applied for a trademark in Hong Kong for Antcoin, according to government records. Antcoin would... https://www.scmp.com/tech/blockchain/article/3330626/ant-group-seeks-antcoin-trademark-hong-kong-amid-beijings-scrutiny-stablecoins?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3330626/ant-group-seeks-antcoin-trademark-hong-kong-amid-beijings-scrutiny-stablecoins?utm_source=rss_feed Tue, 28 Oct 2025 10:30:09 +0000 Xinyi Wu Xinyi Wu China on Monday reaffirmed its hardline approach towards virtual currencies at home, warning of the risks of stablecoins, despite growing concerns that the United States might have consolidated its US dollar dominance through them. Instead, the world’s second largest economy vowed to broaden the use of its central bank digital currency known as e-CNY, according to Pan Gongsheng, governor of the People’s Bank of China. “[Stablecoins] are still in their early stages of development,” said Pan,... https://www.scmp.com/economy/global-economy/article/3330525/china-doubles-down-crypto-crackdown-central-bank-vows-expand-digital-yuan?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3330525/china-doubles-down-crypto-crackdown-central-bank-vows-expand-digital-yuan?utm_source=rss_feed Mon, 27 Oct 2025 15:36:10 +0000