After the recent regulatory developments in Hong Kong, the largest oil and gas producer in Asia, Petrochina evaluates.
Petrochina regards the adoption of Stablecoin
On Friday, local news media reported That Petrochina, the listed arm of China National Petroleum Corporation (CNPC) of the State, will investigate cross -border regulations and payments using Stablecoins.
According to the reports, Wang Hua, Chief Financial Officer (CFO) and Petrochina’s board secretary, during the half-year meeting that the company keeps a close eye on the latest developments with regard to the Stablecoin regulation of the Hong Kong Monetary Authority.
In May, the legislative Council of Hong Kong officially approved the new Stablecoins Regulation, who wanted to spend a person or entity who wanted a Fiat-Referred Stablecoin (FRS) in jurisdiction or a Hong Kong-Dollar (HKD)-Pegged token to obtain a license from the HKMA.
The Regulation, laid down on 1 August, is intended to strengthen the supervision of regulations on the industry of digital assets, while promotes innovation and “responsible, sustainable” development. Under the new framework, recognized entities can offer FRS in Hong Kong. In the meantime, retail investors have access to the tokens issued only by these qualified settings.
The financial secretary of Hong Kong, Paul Chan Mo-Po, noted earlier that Stablecoins, “in particular when referred to Fiat currencies, (have) (have) many use case scenarios”, including cross-border payments to improve efficiency and reduce costs.
Petrochina is said to initiate a viability study on the use of stablecoins for cross -border settlement and payments, thereby marking the entry of the Chinese energy giant in the landscape of digital assets under the new regulatory framework of Hong Kong.
HK, China Crypto Landscape
As the report noted, Wang Hua did not announce a specific timeline, whereby only stated that the company would “follow policy developments closely and build up technical possibilities.” This could suggest that Petrochina’s Stablecoin survey remains in the research phase.
It is worth noting that the HKMA has set a transition period of six months and has encouraged interested institutions to submit applications before September 30. The financial secretary of Hong Kong has stated that supervisors have received various applications from entities that wanted to become qualified issues.
Previous reports have shown that several companies have requested the HKMA license prior to the Regulation, including the logistics technology company Reitar Logtech and the overseas arm of the Chinese mainland financial technology Giant Ant Group.
In the meantime, e-commerce Gigant JD.com, through his Fintech-arm JD Coinlink, tested HKD-Pegken-Tokens under the Regulator’s Sandbox program earlier this year. Despite the Crypto -Push of Hong Kong, the authorities have warned about the excessive hype in the market and public opinion, which expresses concern about a development trend to speculation because the market has become ‘exaggerated enthusiastic’.
Similarly, Chinese supervisors have instructed companies to stop promotions and research publications with regard to Stablecoins in the midst of concern that the growing interest in the sector can use digital active as a new tool for fraudulent activities.
Nevertheless, Eric Trump, son of US President Donald Trump, recently emphasized the role of China in the crypto industry. At Bitcoin Asia 2025, the American businessman confirmed that the country is a “hell of a power” in the sector, adding that the US and China have probably understood digital assets “better than anyone else in the world”.
“There is no doubt that China is a great power when it comes to this world,” said Trump, in which he stated that he would like to be President Trump and his Chinese counterpart, Xi Jinping, to talk about Bitcoin.
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