Asia crypto: Hong Kong to licence stablecoins, Malaysia pilots Ringgit tokens

The territory is on track to grant its first batch of stablecoin issuer licences in March 2026 under a regulatory framework set out by the Stablecoins Ordinance. Prospective issuers must meet strict standards for use cases, risk controls, anti-money-laundering measures and reserve backing before they are authorised, and only a very limited number of licences is expected initially.

Hong Kong’s move forms part of a push to foster a safe, regulated stablecoin ecosystem and to position the city as a regional hub for digital finance, payments and tokenised assets. Regulators are prioritising operational readiness and compliance as they roll out the new regime.

In Kuala Lumpur, Bank Negara Malaysia’s Digital Asset Innovation Hub has onboarded three initiatives to test ringgit-denominated stablecoins and tokenised deposits for 2026.

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