Hong Kong Sets 2026 Digital Asset Licensing Roadmap, First Stablecoin Licenses Due Next Month

Hong Kong's government announced a 2026 digital asset reform roadmap that will extend licensing from trading platforms to digital asset dealers and custodians, with the Securities and Futures Commission overseeing key parts of the regime, according to its second digital asset policy statement. The plan includes a licensing framework for fiat-referenced stablecoin issuers, with the first licenses scheduled for next month, and regulators aiming to integrate such stablecoins into payment and settlement uses while monitoring issuance structures and reserve management. Authorities will also issue guidance to permit debenture holder registers on distributed ledger systems, explore electronic signatures and digitalization of bearer bonds, and pursue broader tokenized bond adoption following earlier green bond pilots. The government will amend the Inland Revenue Ordinance in the first half of this year to implement the OECD Crypto-Asset Reporting Framework and the updated Common Reporting Standard, seeking stronger cross-border tax transparency and alignment with international disclosure practices.