Chan Mo-po: Stablecoins reject investment or speculation, and license approvals are only for applicants with robust and practical use cases.

On November 3rd, Hong Kong's Financial Secretary Paul Chan stated at Hong Kong Fintechweek 2025 that Hong Kong's financial regulators bear a dual mission: to regulate and to promote market development. While encouraging innovation, it is also essential to ensure the actual applicability of digital asset regulation, investor protection, and financial stability. This applies equally to digital asset trading platforms and stablecoins. In particular, our regulatory approach to stablecoins is clear; stablecoins are not for investment or speculation but to facilitate cost drop, cross-border transactions, and real economic activities. This is why, under the licensing system, the approval of stablecoin licenses is only granted to applicants that have a sustainable and robust business model and real use cases.