July 10, 2025
By Our Correspondent
Investor confidence over Hong Kong’s upcoming stablecoin licensing framework propelled cryptocurrency-related equities higher on Tuesday.
According to Yahoo Finance data, as of midday, the shares of Guotai Junan International, a Chinese brokerage firm listed in Hong Kong, had jumped 16% while the market was still open. Last Monday, the securities company received regulatory license to provide cryptocurrency trading services in Hong Kong.
As of Tuesday noon, shares of Dmall Inc. increased 8.9%, while shares of OSL, a city-licensed cryptocurrency exchange, increased 12.2%. The stock of Victory Securities jumped 9.2% as well.
The local regulator has granted licenses to OSL and other cryptocurrency trading platforms to provide retail services.
Last month, it revealed plans to acquire the Canada-based Banxa exchange for $62.4 million.
Last week, the Chinese retail digitalization company Dmall announced that it has begun buying bitcoin through the HashKey exchange and is getting ready to seek for a stablecoin license in Hong Kong. In April, Chinese brokerage Victory Securities received regulatory license to provide cryptocurrency trading services.
As Hong Kong gets ready to launch its stablecoin licensing system on August 1, investors are showing excitement. The future framework requires issuers of fiat-referenced stablecoins to get a license from the Hong Kong Monetary Authority.
Christopher Hui, Secretary for Financial Services and the Treasury, stated in an interview with the local daily Ming Pao on Monday that although Hong Kong might grant stablecoin licenses this year, the total is probably going to stay “in the single digits.”
Stablecoin fervor also draws on comments made by Pan Gongsheng, the head of the Chinese central bank, in June. The governor of the People’s Bank of China admitted that the global payment system is changing due to stablecoins and digital currencies issued by central banks.
Although the previous sandbox initiatives and Hong Kong’s future licensing regime were initially intended for Hong Kong dollar-pegged stablecoins, the possibility of offshore yuan-pegged stablecoins has gained a lot of attention locally.
As the global stablecoin battle heats up, Chinese digital titans JD.com and Ant Group are reportedly urging China’s central bank to authorize offshore yuan-based stablecoins.
