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Asia’s money towns are strutting into 2026 with more swagger than a penguin at a promenade. Hong Kong is ready to issue its first stablecoin licences as early as March, while Malaysia’s central bank is busy testing ringgit-denominated stablecoins and tokenised deposits under its Digital Asset Innovation Hub. What ho, the future wears a suit and tie.

Summary

  • Hong Kong is preparing to issue its first stablecoin licences as early as March 2026, regulators hinting at a cautious debut limited to a handful of issuers who actually toe the line.
  • The framework places reserve backing, risk management, AML guardrails, and clear use cases front and centre, as Hong Kong parades its ambition to be a regulated digital finance hub with all the pompom pomp.
  • In parallel, Bank Negara Malaysia has launched pilots under its Digital Asset Innovation Hub to test ringgit-denominated stablecoins and tokenised deposits for wholesale and cross-border payments.

In Hong Kong, officials announce that the territory is on track to grant its first batch of stablecoin issuer licences in March 2026 under a regulatory framework grafted by the Stablecoins Ordinance. It’s the sort of thing that makes you think the city has hired a stern butler who knows where all the biscuits are kept.

The ordinance requires prospective issuers to meet strict standards for use cases, risk controls, anti-money-laundering measures and reserve backing before they are authorised. Only a very limited number of licences is expected initially, as regulators focus on operational readiness and compliance, which is the regulatory equivalent of sipping tea with both pinkies raised.

Addressing the regulatory push, Hong Kong’s Financial Secretary and HKMA officials have reiterated their aim of fostering a safe and regulated stablecoin ecosystem, part of the city’s broader ambition to become a regional hub for digital finance, payments and tokenised assets. It’s all very well dressed, if a bit stern, like a dinner party where everyone behaves themselves and no one uses the jelly as a weapon.

Malaysia tests Ringgit stablecoins and tokenised deposits

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

These pilots, steered by Standard Chartered Bank Malaysia, Capital A, Maybank and CIMB, will chase wholesale payment and settlement use cases, domestic and cross-border, within a controlled lab to see what bells and whistles they ring for monetary stability and to guide policy direction.

Under the DAIH, participants are weighing how stablecoins and digital deposit tokens might streamline settlement, bolster liquidity and smarten up institutional payment infrastructure while keeping regulatory safeguards in tow.

Authorities in Malaysia plan to throw a little more light on the use and policy framework for ringgit-linked digital assets by the end of 2026.

Together, these developments whisper a regional trend toward giving proper form to digital financial instruments, like a well-ordered tea party where the biscuits never crumble.

Hong Kong’s move to grant licences for regulated stablecoin issuance dovetails with Malaysia’s ground-level experimentation with tokenised money, suggesting Asian regulators are increasingly happy to invite digital asset technologies into the main drawing room-so long as the chaperone is present and the doors stay properly bolted.

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2026-02-11 17:01