With the recent Hong Kong digital-asset licensing move, what the market is watching isn’t “whether it will happen,” but “when it will become clearer.”
According to PANews, Hong Kong Legislative Council member Qiu Dagen said at the 2026 Shanghai International Week on Blockchain and the 12th Global Blockchain Summit that the newly proposed licensing ordinance covering new areas such as virtual asset transaction services, custody, and more is expected to be submitted to the Legislative Council for discussion in the second half of 2026, with efforts to pass it by late 2026 or early 2027. By then, the licensing requirements for Hong Kong’s digital-asset sector will be largely clarified.
He also noted that the U.S. CLARITY bill has hit setbacks, which he believes is ultimately more favorable for Hong Kong in the long run; currently, Hong Kong’s two licensed stablecoin issuers are testing different application scenarios. One highlight is the speed at which compliance trading, custody, and payment use cases can be integrated. Another highlight is whether testing stablecoin applications can drive more cooperation on the institutional side. Which are you more focused on: the licensing progress, or the stablecoin deployment scenarios?
Image 1: Hong Kong’s proposed new digital-asset licensing ordinance is expected to be passed by the end of this year or early next year · Source: partial screenshot from the page
Image source: https://www.panewslab.com/zh/articles/01a0ccce-2d2a-7746-a0e0-73418937aa7d
According to PANews, Hong Kong Legislative Council member Qiu Dagen said at the 2026 Shanghai International Week on Blockchain and the 12th Global Blockchain Summit that the newly proposed licensing ordinance covering new areas such as virtual asset transaction services, custody, and more is expected to be submitted to the Legislative Council for discussion in the second half of 2026, with efforts to pass it by late 2026 or early 2027. By then, the licensing requirements for Hong Kong’s digital-asset sector will be largely clarified.
He also noted that the U.S. CLARITY bill has hit setbacks, which he believes is ultimately more favorable for Hong Kong in the long run; currently, Hong Kong’s two licensed stablecoin issuers are testing different application scenarios. One highlight is the speed at which compliance trading, custody, and payment use cases can be integrated. Another highlight is whether testing stablecoin applications can drive more cooperation on the institutional side. Which are you more focused on: the licensing progress, or the stablecoin deployment scenarios?
Image 1: Hong Kong’s proposed new digital-asset licensing ordinance is expected to be passed by the end of this year or early next year · Source: partial screenshot from the page
Image source: https://www.panewslab.com/zh/articles/01a0ccce-2d2a-7746-a0e0-73418937aa7d
