According to @CoinMarketCap, Hong Kong regulators have concluded consultations on proposed licensing regimes that will require firms offering crypto dealing or custody services to obtain licenses once the framework takes effect, source: @CoinMarketCap on Dec 24, 2025.

According to the source, Financial Times reported that Chinese tech firms including Ant Group and JD.com have paused their stablecoin plans in Hong Kong after local regulators raised concerns about privately controlled currencies, Financial Times. Financial Times stated that these regulatory concerns prompted the companies to halt stablecoin rollout efforts in the Hong Kong market, Financial Times.