许正宇：The first batch of stablecoin licenses will be issued as scheduled in early next year.

Techub News: Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, stated in an interview with Caixin that license applications for compliant stablecoins are progressing according to the original framework, with the first batch of licenses expected to be issued as scheduled in early 2026. Hong Kong's regulatory positioning is very clear, aiming to achieve a balance in three aspects: innovation, integration into the real economy, and risk management. The first to be implemented will be Hong Kong dollar-denominated stablecoins.

The Hong Kong Inland Revenue Department has clarified that the buying, selling, or transfer of tokenized ETF shares or units on licensed digital asset trading platforms or other platforms in Hong Kong are exempt from stamp duty. Additionally, Hong Kong is promoting the implementation of a licensing mechanism for digital asset trading service providers and digital asset custody service providers, hoping to submit the relevant legal provisions to the Legislative Council for review next year after the Hong Kong Legislative Council election in December.