Stablecoins, Regulatory Change And Growth – In Conversation With AMINA Bank

Tom Burroughes

30 October 2025

These are busy times for UK and EU are making steady progress with new rules on stablecoins and broader crypto activity. Japan is another example, refining its system to balance innovation with investor protection.”

The bank is passionate about spreading the word, Ang said.

“AMINA actively engages in industry roundtables and working groups, contributing to consultation papers and broader policy discussions. We’re committed to advancing research and insights on the evolving digital asset landscape, including topics such as tokenization, custody solutions, and the bridging of DeFi (decentralised finance) with traditional finance,” she said.

In grasping regulatory differences, one contrast is that while Singapore tends to involve one regulator – the Monetary Authority of Singapore – Hong Kong is more complex. For example, the Hong Kong Monetary Authority gets involved in stablecoins and payments systems; the Securities and Futures Commission has tokenization and securities under its umbrella; Customs & Excise covers money service operators; Companies Registry handles money lenders' licences; and the Financial Services and Treasury Bureau handle overall policy decisions.

A significant issue, including for wealth managers and private banks, is obtaining custody and protection of assets right.

“Many institutions prefer to partner with qualified, reputable custodians offering regulated and insured digital asset storage solutions,” Ang said. “Others explore hybrid models that allow clients some degree of self-custody within institutional frameworks. The key considerations remain security, operational resilience, and compliance. Most firms prioritise custodians who can satisfy both regulatory standards and client trust.

“Non-SFC regulated custodians are also exploring compliant ways to serve clients in Hong Kong under the evolving regulatory landscape,” she added.