Overview

• Regulator confirms Julia Leung will remain SFC chief through December 31, 2028.
• Hong Kong’s stablecoin ordinance took effect on August 1, 2025 under HKMA oversight, requiring issuer licensing, full reserve backing, and extra buffers for market risk.
• The stablecoin licensing application window closed on September 30, 2025, with the first approvals reported as expected in early 2026.
• The SFC’s licensing regime for virtual-asset service providers is in place to bring trading platforms into a supervised framework and strengthen investor protections.
• Authorities frame the extended tenure as leadership continuity to guide rollout of the new rules and support Hong Kong’s bid to be a regulated digital-asset hub.