[Paul Chan: Stablecoin Licenses Will Only Be Granted to Applicants with Robust Use Cases] On November 3, Hong Kong Financial Secretary Paul Chan stated at Hong Kong Fintech Week 2025 that Hong Kong's financial regulators bear a dual mission of regulation and promoting market development. Regarding digital asset trading platforms and stablecoins, Hong Kong adheres to the principle of 'same activity, same risk, same regulation.' He emphasized that the focus of stablecoin regulation is to support cost reduction, cross-border transactions, and real economic activities, rather than investment or speculation. Stablecoin licenses will only be granted to applicants with sustainable and robust business models and genuine use cases.