Hong Kong maintains risk-based crypto oversight as tokenization and stablecoin plans advance

On January 21, 2026, Hong Kong's Financial Secretary Paul Chan reaffirmed that the city regulates digital asset activities by risk level rather than by the underlying technology. Hong Kong is piloting tokenized deposits, expanding tokenized green bond issuance worth about $2.1 billion, and preparing a stablecoin licensing regime while also testing cross-border blockchain payments with partners such as Brazil.