The China International Finance Forum · Hong Kong Summit was held on November 6, 2025, under the theme "A New Financial Ecosystem in a Changing World: Openness, Innovation, and Sustainability."
A roundtable discussion titled "Hong Kong's Model for Global Stablecoin Regulation and Asian Synergy" was moderated by Prof. Lei Zhibin, Secretary-General of the Hong Kong Web3.0 Association and blockchain professor at the Hong Kong University of Science and Technology. Panelists included Thaer Sabri, Chairman of the European Digital Currency Association; Alexandre Kech, CEO of the Global Legal Entity Identifier Foundation (GLEIF); Duncan Chiu, Legislative Council Member (Technology and Innovation) of the Hong Kong Special Administrative Region; and Frank Gong, Chairman of Hengfeng Asset Management and First Qianhai International Capital.
**Key Insights from the Discussion:**
1. **Stablecoin Positioning and Scale** Stablecoins are digital payment products similar to traditional credit/debit cards and bank transfers but offer 24/7 real-time settlement, programmability, and on-chain composability. In Q3 2025, stablecoin transactions reached $15 trillion, demonstrating strong network effects and liquidity in cross-border payments.
2. **Regulatory Frameworks** Jurisdictions are advancing sovereign digital currencies (e.g., digital euro, e-CNY) and stablecoin regulations with common principles: - Licensing, reserve, audit, and AML requirements for stablecoin issuers. - Barriers against unapproved foreign stablecoins. - Cross-border interoperability under "same activity, same risk, same rules."
3. **Hong Kong’s Role and Asian Synergy** Hong Kong’s strengths as a global financial hub and forex center position it to bridge stablecoin ecosystems across China, Southeast Asia, and beyond. Proposed measures include: - Dual-track compliance (on-chain verification + off-chain audits). - Interlinking fiat, stablecoins, and CBDCs for trade settlements and B2B payments. - Sandbox testing and cross-border memoranda to standardize risk monitoring.
4. **Verifiability and Trust Infrastructure** Alexandre Kech emphasized the need for verifiable issuer identity (via LEI), reserve transparency (using on-chain oracles), and cross-border traceability (embedding LEI in payment systems). Hong Kong could pioneer: - LEI mandates for VASPs and stablecoin issuers. - Multi-currency stablecoin/CBDC trials via platforms like mBridge.
5. **Policy and Innovation Balance** Duncan Chiu highlighted Hong Kong’s "whitelist" approach (pre-emptive KYC for wallet holders) as a compliance innovation, contrasting with global "blacklist" models. This could attract institutional users wary of asset-freezing risks. Challenges include: - Regulatory-technical alignment (e.g., quantum-resistant standards). - Training "bilingual" regulators versed in law and blockchain.
6. **Stablecoins and Real-Economy Applications** Frank Gong noted that 95% of stablecoins are USD-denominated, underscoring the need for HKD-linked stablecoins to serve trade (e.g., Belt and Road, ASEAN integration). He proposed tiered regulation: strict issuer oversight but lighter流转-layer controls to preserve efficiency.
7. **Future Pathways** Panelists agreed Hong Kong could lead in tokenized securities (leveraging its IPO dominance) and hybrid Web2-Web3 infrastructure. Key hurdles include scalable监管 frameworks and cross-regional technical standards.
The discussion concluded that Hong Kong’s success hinges on transforming local监管 into regional collaboration, balancing innovation with risk resilience to unlock stablecoin’s potential in Asia’s digital finance era.