Between Beijing and Wall Street: Hong Kong’s crypto third way
With stablecoin licenses imminent, perpetual contracts endorsed and Beijing’s prohibition holding firm across the border, Hong Kong is attempting a unique calibration: building a functioning crypto capital market in the managed space between Chinese monetary sovereignty and global institutional demand. Hong Kong is assembling the most structurally unified digital asset framework in the world. Yet, instead of competing to be the most powerful node, Hong Kong is building to be the most connected: a permissioned gateway between Chinese capital, Asia and Western markets; between DeFi protocols and regulated institutions; and between innovation and institutional credibility, aiming to be a significant force.
HSBC and Standard Chartered given permission to launch HK stablecoins
Source: X
When the Stablecoins Ordinance came into effect on the 1st, August 2025, it introduced one of the most comprehensive regulatory frameworks for this asset class. Passed by Hong Kong’s Legislative Council on the…
