October 21, 2025<\/p>\n\n\n\n
By Our Correspondent<\/p>\n\n\n\n
Chinese technology companies, including Ant Group and JD.com, have reportedly suspended plans to issue stablecoins in Hong Kong after Beijing authorities raised concerns over privately controlled digital currencies.<\/p>\n\n\n\n
Sources familiar with the matter told the Financial Times<\/em> that the People\u2019s Bank of China (PBoC) and the Cyberspace Administration of China (CAC) instructed the companies to pause their initiatives. \u201cThe real regulatory concern is, who has the ultimate right of coinage \u2014 the central bank or any private companies on the market?\u201d one source said.<\/p>\n\n\n\n Earlier this year, both Ant and JD.com had expressed interest in joining Hong Kong\u2019s pilot stablecoin programme or launching tokenised financial products, including digital bonds. Hong Kong began accepting applications for stablecoin issuers in August, with mainland authorities initially seeing the scheme as an opportunity to promote renminbi-pegged stablecoins and bolster the yuan\u2019s international use.<\/p>\n\n\n\n Momentum, however, slowed after Ye Zhiheng, executive director of the intermediaries division at the Hong Kong Securities and Futures Commission, warned that the city\u2019s new stablecoin regulatory framework heightened the risk of fraud. The warning came shortly after some stablecoin operators in Hong Kong reported double-digit losses on 1 August, just after the regulation took effect.<\/p>\n\n\n\n Last month, Chinese outlet Caixin reported that Beijing had restricted Hong Kong\u2019s stablecoin activity, though the article was later removed, casting doubt on the report.<\/p>\n\n\n\n The regulatory tightening extends beyond stablecoins. China\u2019s securities watchdog is said to have instructed local brokerages to pause real-world asset (RWA) tokenisation in Hong Kong, reflecting growing unease over the rapid expansion of offshore digital asset ventures.<\/p>\n\n\n\n Despite Beijing\u2019s caution, tokenisation activity continues in the city. Last week, CMB International Asset Management, a Hong Kong-based subsidiary of China Merchants Bank, tokenised its $3.8bn money market fund on BNB Chain, highlighting the ongoing appetite for digital financial innovation.<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" October 21, 2025 By Our Correspondent Chinese technology companies, including Ant Group and JD.com, have reportedly suspended plans to issue stablecoins in Hong Kong after Beijing authorities raised concerns over privately controlled digital currencies. Sources familiar with the matter told the Financial Times that the People\u2019s Bank of China (PBoC) and the Cyberspace Administration of China […]<\/p>\n","protected":false},"author":4,"featured_media":9042,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-9038","post","type-post","status-publish","format-standard","has-post-thumbnail","category-uncategorized"],"yoast_head":"\n