HashKey Tokenisation CEO Anna Liu advocated for proactive digital asset regulatory frameworks, highlighting the Hong Kong Stablecoin Ordinance, signaling Hong Kong's strengthened position as a compliant crypto hub.

Executive Summary

HashKey Tokenisation CEO Anna Liu delivered a keynote address at the 10th Belt and Road Summit, emphasizing the critical role of forward-looking regulatory frameworks in fostering responsible innovation within the digital asset sector. This advocacy coincides with the upcoming enforcement of the Hong Kong Stablecoin Ordinance in August 2025, a legislative effort aimed at balancing innovation with stringent compliance standards. This development is anticipated to solidify Hong Kong's standing as a leading, compliant crypto hub, potentially drawing increased institutional investment and project development within a secure and regulated environment.

The Event in Detail

Anna Liu, representing HashKey Tokenisation as the sole invited digital asset company representative, outlined a comprehensive approach to regulatory integration. Her address at the Belt and Road Summit underscored the necessity of embedding legal considerations throughout the technology development lifecycle to ensure inherent compliance. She advocated for the translation of legal principles into smart contract logic to precisely align on-chain digital ownership with real-world legal rights, particularly within Real World Asset (RWA) applications. Furthermore, Liu called for the establishment of robust industry standards to bolster regulatory confidence and proposed the coordination of diverse regulatory requirements to forge an interoperable legal framework, facilitating innovation and the free flow of capital. The Hong Kong Stablecoin Ordinance, effective August 1, 2025, was cited as a prime example of achieving a balance between fostering innovation and ensuring regulatory adherence.

Financial Mechanics and Regulatory Framework

The Hong Kong Stablecoin Ordinance (Cap. 656), overseen by the Hong Kong Monetary Authority (HKMA), introduces a comprehensive licensing framework for entities involved in regulated stablecoin activities, including issuance, reserve management, and redemption, specifically targeting fiat-referenced stablecoins (FRS) issued in Hong Kong or referencing the Hong Kong dollar. Key requirements for licensed stablecoin issuers include maintaining full reserve backing with highly liquid, high-quality assets, held under effective trust arrangements with licensed banks or HKMA-approved custodians. Issuers must also conduct regular audits, establish transparent redemption mechanisms, and meet financial requirements, including a minimum HK$25 million paid-up share capital. Strict Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) measures are mandatory, prohibiting dealings with anonymous users and requiring retention of user and transaction records for five years. Stablecoins issued under this regime must be non-interest bearing. The HKMA plans a cautious approach, anticipating only a limited number of licenses—potentially one or two—in the initial phase by early 2026, prioritizing well-capitalized institutions. The framework also criminalizes the offering or promotion of unlicensed FRS to retail investors.

Business Strategy & Market Positioning

HashKey Tokenisation has publicly affirmed its commitment to compliance and its strategic objective to advance Hong Kong's role as a pivotal digital asset hub within the "Belt and Road" initiative. This strategic alignment reflects Hong Kong's broader ambition, as reinforced by its “Policy Statement 2.0 on the Development of Digital Assets,” to lead in Web3 finance, positioning stablecoins as a foundational layer for institutional adoption and cross-border settlements. While Hong Kong is ranked 16th globally in crypto-friendly competitiveness according to the "Digital Asset Trend Report & Global Competitiveness Ranking 2025"—behind jurisdictions such as Switzerland, South Korea, and Singapore—its strengths lie in its tax policies and financial support. However, identified deficiencies include regulatory clarity and the current limited adoption of Web3 applications, which have impacted its overall ranking.

Broader Market Implications

The proactive regulatory stance adopted by Hong Kong, exemplified by the Stablecoin Ordinance and championed by industry leaders like Anna Liu, is poised to significantly shape the global regulatory landscape for digital assets. This initiative is expected to foster a more secure and compliant environment, particularly benefiting Real World Assets (RWA) and stablecoins. By prioritizing regulatory clarity and robust frameworks, Hong Kong aims to attract a greater influx of institutional capital and projects seeking legal certainty. While short-term implications might include increased scrutiny for certain projects, the long-term outlook points towards sustainable growth and enhanced trust within the Web3 ecosystem. This strategic move reinforces Hong Kong's position as a compliant crypto hub, potentially influencing other jurisdictions to adopt similar regulatory approaches and further integrating digital assets into the mainstream financial system.