Hong Kong Aims to Become a Digital Asset Innovation Hub: Stablecoin License Launches in March, How to Seize the Opportunities?

In early spring 2026, the winds along Victoria Harbour are shifting decisively toward Web3.

Just yesterday (February 11), under the spotlight of Consensus Hong Kong 2026, Hong Kong SAR Chief Executive John Lee and Financial Secretary Paul Chan delivered a series of major signals: the first stablecoin issuer licenses are expected to be officially issued in March; virtual asset margin lending will be unblocked; perpetual contract frameworks will be implemented; and the related market maker system will be permitted for the first time.

While the global crypto market is still searching for direction amid turbulence, Hong Kong is leveraging its “China advantage + global advantage” dual cards, transforming its “prudent” regulatory philosophy into “offensive” institutional benefits. For users focusing on on-chain opportunities on Gate, this is not only a policy interpretation but also a clarion call for asset allocation.

Three Pillars Supporting: From “Sandbox” to “Hub” Institutional Leap

At this Consensus conference, the Hong Kong SAR government’s stance is no longer a macro vision but a clear roadmap with specific timelines.

First, stablecoins enter the “licensed era.” John Lee explicitly stated that the Hong Kong Monetary Authority is actively processing applications for fiat-backed stablecoin issuers under the Stablecoin Regulations, with the first licenses to be issued within the next month. This means that, following Abu Dhabi and Singapore, Hong Kong will become one of the few global financial centers with both a fiat stablecoin issuance system and a compliant custody environment.

Second, the Securities and Futures Commission’s “ASPIRe” roadmap is moving from paper to practice. Dr. Ye Zhi-heng, Executive Director of the Intermediaries Division, directly stated that the core focus for 2026 is “liquidity.” To this end, the Hong Kong SFC has broken the ice with three key measures:

1. Unblocking margin lending: allowing licensed brokers to provide financing using securities and virtual assets as collateral, with eligible collateral currently limited to Bitcoin (BTC) and Ethereum (ETH), and a prudent haircut of no less than 60%;
2. Establishing a perpetual contract framework: opening compliant leverage channels for professional investors, strictly prohibiting platforms from providing credit for margin;
3. Introducing related market makers: allowing affiliated companies of licensed platforms to act as market makers, institutionalizing the narrowing of bid-ask spreads.

The underlying logic of this combination is very clear: using traditional financial liquidity engines to ignite the compliant rocket of digital assets.

Data Speaks: Confidence Vote with HKD 14 Billion in Custody

Policy enthusiasm often first flows through the ledgers of custodians.

Chan Mo-po disclosed that by the end of 2025, digital assets under Hong Kong bank custody surged approximately 1.8 times year-over-year to over HKD 14 billion; tokenized deposits reached HKD 29 billion. Meanwhile, the managed scale of tokenized gold doubled within six months to USD 400 million.

Behind these cold numbers is the real “foot voting” of traditional funds with Hong Kong’s regulatory framework. Among Gate’s institutional user community, discussions on RWA (real-world assets) increased by 62% over the past 30 days. The combination of compliant stablecoins and tokenized government bonds is becoming a defensive choice for high-net-worth clients in Asia, replacing USDT.

When Compliant Leverage Meets Market Bottoming

Under the warm policy breeze, the market is at a delicate balancing point.

As of February 12, Gate’s real-time data shows that after a prior correction, the crypto market is in a narrow range of recovery:

• Bitcoin (BTC) hovers around $67,500, with short-term support at $65,000 on the 4-hour chart. The first resistance is at $68,600. A volume breakout could test the psychological $70,000 level again.
• Ethereum (ETH) is relatively weak, currently at $1,980, still trading within the $1,900 to $2,000 range. Short-term momentum depends on whether Layer 2 protocol revenue data can rebound.

The BTC/ETH margin lending permitted by Hong Kong is precisely on the left side of the market’s shrinking bottoming process. For experienced traders on Gate, a 60% collateral haircut means there is still 2.5 times effective leverage within a compliant framework. In mid-February, when volatility is converging, this is both a risk management tool and a yield enhancement tool.

From “Product Innovation” to “Machine Economy”: The Next Station

If 2025 was the inaugural year for Hong Kong’s virtual asset legislation, 2026 marks the beginning of a “structural product explosion.”

Chan Mo-po highlighted three major trends in his speech: the tokenization of real assets (RWA) moving from concept to implementation; accelerated integration of traditional finance and DeFi; and the convergence of AI and digital assets fostering a “machine economy.”

Dr. Ye Zhi-heng also disclosed that the Hong Kong SFC will soon launch a “Digital Asset Accelerator,” providing regulatory guidance through designated agent mechanisms, exploring new market maker models and financing mechanisms.

This means that future compliant derivatives listed on Gate may no longer be limited to mimicking US stock leveraged ETFs but could include tokenized bonds, green finance perpetual contracts, and even micro-payment channels for AI agents.

Summary

Hong Kong’s story is subtly shifting.

It is no longer trying to replicate the old script of a “global crypto free port,” but instead building a new paradigm of digital assets characterized by “high compliance, high liquidity, and high institutional participation,” leveraging common law, free capital flows, and the mainland pledge market.

This may be the right moment to reassess asset allocation. Stablecoins are no longer just tools for inflow and outflow but will serve as compliant bridges connecting HKD and on-chain government bonds; BTC and ETH are no longer merely “digital gold” and “public chain fuel” but also qualified collateral on licensed Hong Kong bank balance sheets.

When the first stablecoin license in March is issued, Hong Kong will officially move from the Web3 “observation zone” into the “main port pool.”