Nano Labs Seeks HKD and Offshore RMB Stablecoin Licenses in Hong Kong

Nano Labs Ltd., a prominent Web3 infrastructure and product solutions company, has announced its intention to apply for licenses to issue stablecoins pegged to the Hong Kong dollar (HKD) and offshore Renminbi (RMB) under the newly passed Stablecoins Bill in Hong Kong. The bill, which was approved by the Legislative Council on May 21, 2025, establishes a formal licensing regime for fiat-referenced stablecoins (FRS), setting the stage for regulatory oversight on reserves, audits, redemption mechanisms, and operational transparency.

The move by Nano Labs comes as Hong Kong positions itself as a hub for digital finance innovation, despite the restrictive crypto policies on the Chinese mainland. The company aims to capitalize on the opportunities presented by the new regulatory framework, which is scheduled to take effect from August 1, 2025. Nano Labs is one of the first companies to seek regulatory clearance since the bill passed, indicating its proactive approach to entering the stablecoin market.

Nano Labs plans to develop a technical framework for stablecoins on the Bitcoin and Binance (BNB) networks. This framework will address critical technical issues such as token issuance, smart contract security, cross-chain interoperability, and transparent reserve verification systems. By leveraging existing blockchain ecosystems, Nano Labs intends to offer a high-performance infrastructure for stablecoins that will be accessible to both retail users and institutional clients.

The company has expressed its eagerness to participate in the transformation of Hong Kong into a digital asset hub with secure and compliant stablecoin infrastructure. Nano Labs' focus on currencies central to Asian markets aligns with the region's growing interest in digital finance and blockchain technology. The company has hinted at forming strategic partnerships with entities in the fintech and digital asset sectors, which could include banks, payment service providers, and decentralized finance (DeFi) platforms.

Several other companies are also eyeing the opportunity to apply for stablecoin licenses under the new regime. Ant Group International, the overseas arm of Alibaba-backed Ant Group, has confirmed its plans to apply for a stablecoin license. Additionally, Standard Chartered Hong Kong, Animoca Brands, and the telecom giant HKT have formed a joint venture to create an HKD-backed stablecoin and have declared their intent to apply for a license once the framework takes effect.

The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) are expected to jointly oversee the new licensing regime, ensuring that all stablecoin issuers comply with the regulatory requirements. This oversight will be crucial in maintaining the stability and trustworthiness of the stablecoins issued under the new framework.

Nano Labs' initiative to issue HKD and offshore RMB stablecoins underscores the company's commitment to innovation and its strategic vision for the future of digital finance. By leveraging its expertise in Web3 infrastructure and product solutions, Nano Labs aims to play a pivotal role in shaping the stablecoin landscape in Hong Kong and beyond. The company's proactive approach and focus on regulatory compliance position it well to capitalize on the opportunities presented by the new stablecoins bill.