The Hong Kong Monetary Authority (HKMA) Deputy Chief Executive Chan Wai-man stated at the HSBC Global Investment Summit that Hong Kong is a pioneer in the stablecoin field, but development must proceed cautiously. He revealed that authorities spent approximately six months reviewing the first batch of 36 applications, ultimately issuing licenses to only two applicants. Chan emphasized the need to ensure issuers possess viable business use cases and comprehensive risk management capabilities.

Chan pointed out that Hong Kong just issued its first two stablecoin issuer licenses last week. As a pioneer, each application must be individually examined against legal standards to guarantee issuer compliance. More importantly, licensed entities should demonstrate viable use cases enabling sustainable business growth while creating value for enterprises and individuals. License holders must also demonstrate capabilities to manage various risks, including maintaining peg stability mechanisms, reserve management, private key security, anti-money laundering protocols, and operational risks.

Chan believes regulatory clarity for digital assets is increasing globally. Regulatory bodies across Europe, the Americas, and Asia are progressively establishing frameworks, with consensus forming that digital assets require regulation. He noted that regulators' role extends beyond collaborating with private institutions to promote industry development—they must also identify and intervene in risks early.

Chan introduced the HKMA's Ensemble project, which brings together banks, regulators, infrastructure providers, and technology companies to identify pain points, solutions, and risks within the financial system. The project has completed reviews of 20 use cases, with private institutions playing crucial roles in shaping regulatory frameworks and ecosystems.

European Central Bank Executive Board member Valerie Urbain, speaking at the same event, stated this year marks a critical transition for digital assets moving from "conceptual stage" to larger-scale experimentation. The bank is collaborating with the French central bank to promote tokenization of euro commercial papers. Urbain emphasized that advancing to the next stage and driving market transformation requires enhanced cooperation to jointly promote further development of tokenization and digital assets. However, she acknowledged the difficulty in balancing market stability maintenance with innovation promotion—an ongoing concern for European regulators.