Caixin: Hong Kong will first implement Hong Kong dollar stablecoins, and stamp duty exemption from trading or transfer of tokenized ETF shares or units

PANews reported on September 30 that according to Caixin.com's exclusive interview with Hong Kong Treasury Bureau Xu Zhengyu, the license application for compliant stablecoins is being promoted according to the original framework, and the first batch of licenses are expected to be approved in early 2026 according to the original schedule. Hong Kong's regulatory positioning is very clear, that is, to achieve three balances: innovation, integration into the real economy, and risk control. The first thing to implement is the Hong Kong dollar stablecoin.

Regarding the issuance of RMB stablecoins in Hong Kong, Xu Zhengyu said that from the perspective of Hong Kong, the legal framework allows different legal currencies to be used as the base benchmark targets of stablecoins, but the currency has sovereign will and strategic considerations. The RMB must take into account the national exchange rate and monetary policy, and the risks and pros and cons need to be measured comprehensively. In addition, the Hong Kong Taxation Bureau has made it clear that the transaction or transfer of tokenized ETF shares or units conducted on Hong Kong licensed digital asset trading platforms or other platforms will be exempt from stamp duty.

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