Hong Kong has taken another solid step in the field of virtual asset regulation! On August 25, according to Chinese media reports, the Hong Kong Monetary Authority (HKMA) recently issued a circular confirming that starting from January 1, 2026, it will fully implement new banking capital regulations based on the Basel Committee on Banking Supervision's standards for crypto asset regulation in Hong Kong. This means that banks holding crypto assets will face extremely high capital requirements. At the same time, the Secretary for Financial Services and the Treasury, Christopher Hui, reiterated that Hong Kong's stablecoins are positioned as "delivery tools," representing another form of legal currency, with no speculative opportunities. This series of measures aims to bring credibility and stability to Hong Kong's digital financial market and clarify its application value in the real economy.
- HKMA: New banking capital regulations for crypto assets to be implemented in 2026
Basel new regulations: On August 25, news from the HKMA confirmed that starting from January 1, 2026, it will fully implement new banking capital regulations based on the Basel Committee on Banking Supervision's standards for crypto asset regulation in Hong Kong.
High capital requirements: According to Simon Lee, a partner at King & Wood Mallesons and a lecturer at the University of Hong Kong's Faculty of Law, the new regulations set the risk weight for crypto asset risk exposures using unlicensed blockchain technology at a maximum of 1250%, meaning banks must hold capital at a ratio of at least 1:1 for these crypto asset risk exposures. Such high regulatory capital requirements will lead many banks to be unwilling to hold these types of crypto assets.
- Christopher Hui: Hong Kong stablecoins are "delivery tools," with no speculative opportunities
Clarifying the positioning of stablecoins: On August 25, according to AASTOCKS, Christopher Hui stated that Hong Kong's stablecoins are positioned as delivery tools, representing another form of legal currency, with no speculative opportunities.
Reducing cross-border payment costs: Hui pointed out that the "Stablecoin Regulation" will take effect this month, and in the past, payment costs through the banking system could reach 3%, but he believes that using stablecoins could reduce costs to 1%, which will lower cross-border payment costs and improve efficiency.
Developing a gold trading center: Hui also mentioned that discussions are ongoing to invite different parties to hold two meetings regarding Hong Kong's development as an international gold trading center, starting with establishing storage, and new constructions will be included in the top-level design for trading and settlement. The government is fully planning Hong Kong's development in commodities, especially precious metals.
- Hong Kong virtual asset market: ETF listings and RWA tokenization accelerate
Despite tightening regulations, Hong Kong's virtual asset market is still actively developing, attracting the attention of investors and businesses.
MicroBit spot ETF listing: On August 22, news was reported that MicroBit Bitcoin spot ETF (HKD code: 3430.HK; USD code: 9430.HK) and MicroBit Ethereum spot ETF (HKD code: 3425.HK; USD code: 9425.HK) under the management of Xiao Fei Asset Management officially listed on the Hong Kong Stock Exchange on August 21, 2025. The initial asset scale of the two ETFs reached a total of $220 million, reflecting strong market interest in virtual assets and investor confidence in Xiao Fei Asset Management. Among them, the Ethereum spot ETF will stake up to 30% of Ethereum, and the staking income, after deducting related fees, will be reinvested in the fund. Both ETFs have a management fee of 0.5%, making them competitively priced products among cryptocurrency spot ETFs listed in Hong Kong.
Corporate tokenized notes: On August 22, according to Securities Times, the Hong Kong-listed company Shankou Holdings announced the issuance of corporate tokenized notes totaling $40 million, which are deployed on the HashKey Chain. The product aims to build "AI computing power + data assets," and will subsequently "on-chain" the company's quality physical assets. It is reported that this corporate tokenized note is Hong Kong's first corporate note tokenization product.
Luxury brands accepting Bitcoin payments: On August 22, according to a company announcement, Hong Kong-based Top Win International (NASDAQ code: SORA) officially changed its name to AsiaStrategy and adopted a new logo. The company also announced that its luxury watch business has begun accepting Bitcoin payments, indicating a new strategic direction in integrating digital asset applications and consumption scenarios. AsiaStrategy emphasized that this move marks an important step in its transformation into a digital and innovative luxury brand.
Conclusion:
The HKMA will implement the Basel crypto asset capital regulations on January 1, 2026, which will have a profound impact on banks holding crypto assets. At the same time, Secretary Hui reiterated the positioning of stablecoins as "delivery tools," aiming to curb excessive speculation and guide their service to the real economy. Despite tightening regulations, Hong Kong's virtual asset market is still actively developing, with the listing of Bitcoin and Ethereum spot ETFs, as well as the application of corporate tokenized notes and Bitcoin payments, all demonstrating Hong Kong's diversified layout in the digital finance field. Hong Kong is striving to seek a balance between strict regulation and innovation to consolidate its position as an international virtual asset center.
Related reading: JD.com and Ant Group compete for Hong Kong's first stablecoin license, who will take the lead?
Original article: “Hong Kong Confirms Implementation of Basel Crypto Asset Capital Regulations in 2026, Prohibiting Speculation on Stablecoins”
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