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Author: Lawyer Shao Shiwei
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Recently, I don't know what's going on, but I have been asked repeatedly by inquirers about Web3 platforms suspected of pyramid schemes. Some are job seekers planning to switch to Web3, while others are family members of criminal suspects who have been detained and come to consult me.
Is there a new round of special operations again?
Although domestic documents such as Notice 2.6, Announcement 94, and Notice 924 have long explicitly prohibited transactions related to virtual currencies, classifying them as illegal financial activities. However, in practice, the black and gray industries related to virtual currencies have never stopped. From cases handled by Lawyer Shao and

Author: Will Awang | Web3 Little Lawyer
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After the Hong Kong Monetary Authority defaulted last month, today it finally issued the first batch of stablecoin licenses—HSBC and Standard Chartered, consistent with our previous article "Hong Kong Dollar Stablecoin, No Need to Become USDC."
Although the outcome itself was not surprising, it was disappointing.
Coincidentally, I have been recently studying Professor Jiang Xueqin's geopolitical game theory, and Rain also wrote an article titled "Hong Kong Stablecoin, a Carefully Designed 'Sun Tzu' Strategy." With these two things combined, I want to try to re-examine this licensing from a game theory perspective, in a wild and unrestrained way.

The Hong Kong Monetary Authority announced the first batch of stablecoin issuer licenses on April 10, 2026, with HSBC and Dingdian Financial Technology Limited receiving approval. Only two licenses were issued this time, with an approval rate of 5%. The licensing system requires stablecoins to have 100% reserves, independent custody, and high-frequency disclosures, aiming to establish a secure and compliant payment system. The market responded positively, with related concept stocks rising, indicating the market potential of the stablecoin ecosystem.

Author: Shao Jiadian Lawyer | Mankun Blockchain Legal Services
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After much anticipation, Hong Kong's first batch of stablecoin issuer licenses has finally been issued. The first licenses were not awarded to the most persuasive storytellers in the market, but to entities that best align with regulatory logic and can meet requirements for fund security and risk control. This outcome is not surprising in itself. Hong Kong's regulatory framework explicitly includes stablecoins within the "fiat currency reference stablecoin" category, essentially managing them under the "currency-related activities" framework. Once in this category, who can issue stablecoins is no longer a market competition issue but a matter of credit access.