#BinanceAlphaAlert Nano Labs plans to apply for licenses to issue stablecoins HKD and RMB abroad under...

Nano Labs Ltd, based in China, has announced its plans to apply for a license to issue stablecoins in Hong Kong, as the jurisdiction positions itself as a hub for innovation in digital finance while initiating a new licensing regime.

Despite the restrictive cryptocurrency policies on the Chinese mainland, Hong Kong seems to be embracing the wave of cryptocurrencies, and companies like Nano Labs and Ant Group International are doing everything possible to capitalize on the opportunities.

Nano Labs seeks licenses for stablecoins

Nano Labs Ltd, a $308M Web3 infrastructure and product solutions company based in China, has announced its plans to apply for licenses that will allow the company to issue stablecoins linked to the Hong Kong dollar (HKD) and the renminbi (RMB) abroad.

The move is in response to the recently passed Stablecoins Act by the Legislative Council of Hong Kong.

In its press release today, Nano Labs stated that it intends to acquire these licenses in partnership with other entities according to the Stablecoins Ordinance that was passed on May 21, 2025, and is scheduled to come into effect on August 1, 2025. Nano Labs is one of the first companies to seek regulatory approval since the law was enacted.

The stablecoins law introduces a comprehensive licensing regime for any company intending to issue stablecoins referenced to fiat currencies, including regulatory oversight on reserves, audits, redemption mechanisms, and operational transparency.

The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) are expected to jointly oversee the regime.

Nano Labs expressed that it is eager to participate in the transformation of Hong Kong into a digital asset hub with a secure stablecoin infrastructure,#Binance