The city that refused to gamble on crypto experimentation
While the rest of the world rushes headlong into crypto experimentation, Hong Kong has taken a different route – less Silicon Valley, more central bank.
Its licensing regime for stablecoin issuers, which took effect in 2024, isn’t designed to foster hype or speed. Instead, it’s a filter: fully backed reserves, high liquidity, zero tolerance for algorithmic or partially collateralized models.
In short – no Terra, no Tether, no nonsense. This isn’t reluctance. It’s design. A financial ecosystem still healing from trust erosion, Hong Kong is playing the long game.
Hong Kong Monetary Authority CEO Eddie Yue made it plain: Participating in the sandbox…
