Hong Kong Legislative Council member Duncan Chiu stated that a new licensing regime ordinance covering virtual asset trading services and custody is expected to be submitted for discussion in the second half of 2026. The legislation aims for passage by year-end or early next year, which will largely clarify the city's digital asset licensing requirements. Chiu noted that the setback of the U.S. CLARITY Act is favorable to Hong Kong in the long run. Additionally, two licensed stablecoin issuers in the jurisdiction are currently testing different application scenarios as the regulatory framework matures.