This seminar brought together leading experts from the legal, financial and technology sectors to conduct in-depth discussions on the global issue of stablecoin regulation. Mr Daniel R. Fung SBS SC JP FCIArb, Vice-Chairman of the FSDC, systematically outlined the evolutionary path of digital currencies from algorithmic cryptocurrencies and central bank digital currencies (CBDCs) to privately issued stablecoins. He astutely observed that while stablecoins enhance payment efficiency, they also challenge traditional banking intermediation and national seigniorage. By comparing the US ‘GENIUS Act (2025)’, France’s cautious regulatory stance, the UK’s balanced approach, and Singapore’s regulatory framework, he highlighted the pioneering advantages of Hong Kong’s ‘Stablecoins Ordinance’ as one of the first jurisdictions globally to establish comprehensive stablecoin regulation.

Dr Anthony Neoh SC JP, Co-Chairman of AAIL, analysed the evolution of money from a macro perspective, noting that the emergence of cryptocurrencies reflects shifting public trust in traditional monetary systems. He emphasised that despite being backed by real-world assets, stablecoins’ regulatory transparency and redemption risks remain potential challenges to global financial stability. Dr Neoh acknowledged stablecoins’ practical value remittance markets, pointing out their intrinsic connection with real-world asset tokenisation, and he advocated that regulation should strike a balance between risk prevention and innovation promotion.

During the panel discussion moderated by Dr Rocky Tung, Director and Head of Policy Research at the FSDC, industry representatives shared multidimensional insights – Mr Ru Haiyang, CEO of Hashkey Exchange BG, emphasised that asset tokenisation requires sufficient liquidity and sound infrastructure; and Mr Kevin Kang, Co-Founder of Reap, highlighted from a practical perspective how stablecoin technology empowers cross-border finance for small and medium-sized enterprises.

Participants generally agreed that effective stablecoin regulation does require organic integration of global coordination, interdisciplinary insights and prudent innovation.