Hong Kong’s government has appointed Senior Counsel Kennedy Lai as the Chairperson of a newly formed Stablecoin Review Tribunal to begin regulating stablecoin activities in November 2025. The tribunal aims to increase fairness and transparency in the regulatory process, potentially impacting market dynamics and investor confidence in Hong Kong’s crypto framework. This regulation targets fiat-referenced stablecoins, focusing on licensed entities for retail offerings. A three-year timeframe has been set for the tribunal’s operation. 2025. The government’s announcement highlights how this new ordinance provides a solid foundation for digital asset industry growth and enhances the regulatory framework for digital assets in Hong Kong.