China: A Commercial Dispute Resolution: The Bar Overview

Introduction

Hong Kong’s commercial legal environment in 2025 reflects a city in strategic transition. Its foundational strengths remain intact, including the rule of law, financial infrastructure and international connectivity. However, the pressures of global economic uncertainty, domestic fiscal challenges and regulatory evolution are reshaping the way businesses and their advisers operate.

Unlike the sweeping reforms of prior years, 2025 has been marked by targeted developments, particularly in digital asset regulation, corporate governance and dispute resolution. These changes carry significant implications for clients navigating an increasingly complex and competitive landscape.

This article examines these new developments, situating them within the broader economic and political context, and critically considering how legal professionals can help clients to adapt and thrive in this changing environment.

Overview of Economic Conditions in 2025

In 2025, Hong Kong’s economy has reflected cautious optimism. Hong Kong’s GDP grew by approximately 3% in the second quarter, buoyed by strong exports, a recovering tourism sector and renewed investor interest in financial services. The Hang Seng Index has also rebounded from its 2024 lows, and capital markets activity is gradually picking up. Nonetheless, structural challenges to Hong Kong’s economic system persist: the unemployment rate has edged up to above 3% and private consumption remains tepid amidst the slowing economy.

Digital Asset Regulation: A Defining Theme of 2025

The most transformative legal developments of 2025 have emerged in the digital asset sector. Determined to position itself as Asia’s premier digital asset hub, Hong Kong has introduced a comprehensive regulatory framework designed to balance innovation with investor protection.

In May 2025, Hong Kong enacted the Stablecoins Ordinance, marking a pivotal moment in the jurisdiction’s regulatory evolution toward becoming a leading international hub for digital assets. The Ordinance establishes a comprehensive licensing regime for fiat-referenced stablecoin (FRS) issuers, requiring any entity that issues or offers FRSs in or from Hong Kong to obtain authorisation from the Monetary Authority. The legislation mandates robust standards for reserve asset management, redemption rights, segregation of client assets, and compliance with anti-money laundering and counter-terrorist financing protocols, thereby aligning Hong Kong’s framework with global best practices in digital finance regulation.

Notably, the Ordinance adheres to the principle of “same activity, same risks, same regulation”, ensuring that stablecoin-related activities are subject to a risk-based and proportionate oversight regime. It also restricts retail offerings to licensed issuers and prohibits unlicensed advertising, reinforcing investor protection and market integrity. These developments reflect Hong Kong’s strategic commitment to fostering financial innovation while safeguarding systemic stability, and they lay the groundwork for a more mature and resilient virtual asset ecosystem.

In August 2025, the Securities and Futures Commission (SFC) issued new guidance for Virtual Asset Trading Platforms (VATPs), mandating the segregation of client and company assets, enhanced private key management and stricter cybersecurity protocols. These measures respond to global concerns over exchange failures, and aim to restore confidence in digital markets.

Simultaneously, the Hong Kong Monetary Authority (HKMA) implemented a new licensing regime for fiat-backed stablecoin issuers. Effective from 1 August 2025, the regime requires all issuers to apply for licences by 31 October 2025 or cease operations in Hong Kong. The rules mandate full reserve backing, redemption guarantees and AML/CTF compliance, positioning Hong Kong as a leader in stablecoin oversight.

However, regulatory tensions remain. In September, the China Securities Regulatory Commission reportedly advised major brokerages to pause their real-world asset tokenisation operations in Hong Kong, highlighting the delicate balance between Beijing’s crypto skepticism and Hong Kong’s digital ambitions. The episode underscores the geopolitical sensitivity of digital finance and the need for careful regulatory diplomacy.

For commercial clients, these developments offer both opportunity and complexity. The availability of licensed platforms and tokenised products opens new avenues for fundraising, treasury management and investment, but the compliance burden is significant, and regulatory expectations are evolving rapidly. Legal advisers must be equipped to guide clients through licensing applications, risk assessments and cross-border structuring.

At the same time, if there is an increase in cryptocurrency and digital asset activity in Hong Kong, the Hong Kong Courts must be well equipped to deal with the technical challenges that these cutting-edge types of technology possess. Cryptocurrencies often challenge traditional notions of property law under the common law framework, and the Hong Kong jurisprudence must continue to adapt and evolve in the spirit of the common law, creating well-reasoned and commercially minded new legal rules that retain the confidence of cryptocurrency and digital asset users. This, in turn, would help boost user confidence and support Hong Kong’s efforts in becoming one of Asia’s premier digital asset jurisdictions.

Dispute Resolution and Arbitration

Hong Kong’s dispute resolution infrastructure continues to evolve in parallel with its digital finance ambitions. The formal establishment of the International Organisation for Mediation (IOMed) in 2025 has strengthened the jurisdiction’s role as a global centre for amicable dispute resolution, particularly in Belt and Road Initiative contexts. This complements Hong Kong’s well-established arbitration ecosystem, anchored by the Hong Kong International Arbitration Centre (HKIAC) and supported by a judiciary that remains largely pro-arbitration.

Recent court decisions have reinforced this stance. In Techteryx Ltd v Legacy Trust Company Ltd [2025] HKCFI 665 and 787, the Court of First Instance confirmed that non-signatories may be bound by arbitration agreements where their rights and liabilities are closely linked to the underlying contract. In Borrower v Lender [2025] HKCFI 3197, the court affirmed its power to order security for costs in challenges to arbitral awards, deterring tactical litigation and promoting finality. In PI 1 & PI 2 v MR [2025] HKCFI 1110, the court affirmed the arbitrability of matters of oppression and loss of confidence, which could be grounds in support of the winding-up of a company. These rulings reflect a pragmatic approach to dispute resolution, which prioritises efficiency and coherence.

For clients, Hong Kong remains a dependable jurisdiction for resolving commercial disputes, with courts and institutions aligned in promoting enforceability and procedural integrity.

Corporate Governance and Commercial Practice

2025 has also seen targeted reforms to corporate governance. The Companies (Amendment) Ordinance 2025, effective from April, introduced a treasury share regime for listed companies, and modernised corporate communication through paperless mechanisms. These changes enhance flexibility in capital management and reduce administrative burdens, while maintaining transparency through updated disclosure obligations. They allow Hong Kong’s company law framework to evolve and stay up to date with advances in technology and modern communication.

At the same time, clients must remain vigilant. The regulatory landscape is becoming more complex, with overlapping regimes for data privacy, anti-money laundering and digital finance. Legal advisers must offer not only technical expertise but also strategic insight, helping clients align compliance with commercial objectives.

Conclusion

2025 has been defined by strategic refinement rather than sweeping reform. Hong Kong’s ambition to lead in digital finance has crystallised through targeted regulatory initiatives, institutional innovation and judicial support. The structured, investor-focused and technologically forward approach of the jurisdiction sets it apart in a region marked by regulatory fragmentation.

For commercial clients, the opportunities are significant: access to tokenised products, stablecoin infrastructure and a trusted dispute resolution framework. But so are the challenges: regulatory complexity, geopolitical sensitivity and the need for agile compliance. For practitioners, the task is to integrate these developments into a broader advisory role – one that combines legal precision with strategic foresight, and improves Hong Kong’s attractiveness as a hub for cryptocurrencies and digital assets.

By doing so, Hong Kong’s legal community can continue to guide clients through uncertainty, while sustaining the city’s reputation through technological changes and advancements as a premier centre for commerce, law and innovation.

引言

2025年，香港商业法律环境正处于战略转型关键期。香港在法治体系、金融基础设施及国际连通性等方面的优势依旧稳固，但全球经济形势不明、国内财政面临挑战，加之监管改革的压力，正重塑着企业及其顾问的运营模式。

与过往全面改革不同，2025年的变革更具针对性，聚焦数字资产监管、公司治理及争议解决等领域。这些变革将客户置身于日益复杂且竞争激烈的市场环境中，影响深远。

本文将结合宏观经济与政治背景深入剖析新变化，并从批判性视角探讨法律专业人士应如何助力客户适应新变化、实现蓬勃发展。

2025年经济状况概述

2025年，香港经济整体呈谨慎乐观的态势。香港第二季度GDP增长约3%，得益于出口强劲、旅游业复苏及金融领域投资兴趣回升。恒生指数亦自2024年低谷反弹，资本市场活动逐步恢复。然而，香港经济体系仍面临结构性挑战，失业率上升至超过3%，私人消费在经济增速放缓下仍显疲软。

数字资产监管：2025年核心主题

2025年，数字资产领域迎来最具变革性的法律发展。为打造亚洲领先数字资产中心，香港出台了一套兼顾创新与投资者保护的全方位监管框架。

香港于2025年5月通过《稳定币条例》，标志本地监管制度迈向新阶段，向国际领先数字资产中心目标前进。该条例针对法币挂钩稳定币（FRS）发行人设立全面发牌制度，要求任何在港或从港对外发行或提供FRS的实体须获香港金管局授权，并在储备资产管理、赎回权、客户资产隔离及反洗钱与反恐融资合规方面设定严格标准，确保香港监管框架与全球最佳实践保持一致。

值得关注的是，该条例遵循“同业务、同风险、同监管”原则，确保稳定币活动在风险和相称为本的监管体系下运行。且仅允许持牌发行人向零售投资者发售稳定币，并禁止无牌宣传，以强化投资者保护和市场诚信。这些变化既体现香港在推动金融创新的同时保障系统稳定的承诺，也为构建更成熟、更具韧性的虚拟资产生态奠定基础。

2025年8月，证券及期货事务监察委员会发布有关虚拟资产交易平台（VATPs）的最新指引，明确平台须实行客户资产与公司资产隔离，加强私钥管理并落实更严格的网络安全协议，以回应全球对交易所倒闭的担忧，重塑市场信心。

此外，香港金管局推出了新的法币稳定币发行人发牌制度，自2025年8月1日起生效，要求所有发行人须于2025年10月31日前提交牌照申请，逾期将终止在港运营。相关规定还要求发行人须提供全额储备支持、赎回保证，并遵守反洗钱与反恐融资合规要求，使香港在全球稳定币监管中居领先地位。

然而，监管层面的紧张局势仍未消散。据报道，2025年9月，中国证监会建议主要本地券商暂停在港开展实体资产代币化业务。该举措凸显北京对加密货币的谨慎态度，与香港积极推动数字金融发展之间形成微妙平衡。由此可见，数字金融领域具有地缘政治敏感性，相关监管政策协调需谨慎推进。

对商业客户而言，上述发展带来机遇亦增添挑战。持牌平台与代币化产品具备可操作性后，为筹资、财资管理及投资开辟了新途径；但合规要求大幅提高，监管期望亦快速转变。因此，法律顾问须具备协助客户完成牌照申请、风险评估及跨境结构安排的能力。

若在港加密货币和数字资产活动持续增长，香港法院须妥善应对新兴技术所引发的问题。加密货币常对普通法下传统财产法概念构成挑战，香港法理学需在普通法理念引导下不断演变，制定合理且兼顾商业考量的新规则，以维护加密货币和数字资产用户的信心，助力香港跻身亚洲领先数字资产司法管辖区之列。

争议解决与仲裁

香港的争议解决基础设施与其数字金融领域雄心协同并进。2025年，国际调解院（IOMed）正式成立，巩固了香港作为全球友好型争议解决中心的地位，在“一带一路”倡议推进下优势更为凸显。国际调解院的成立与香港成熟的仲裁生态系统形成了良好互补。该生态系统以香港国际仲裁中心（HKIAC）为核心，香港法院亦大体上持支持仲裁立场。

香港法院近期的多个判决强化了此立场。在Techteryx Ltd v Legacy Trust Company Ltd [2025] HKCFI 665 和 787案中，香港高等法院原讼法庭确认，当仲裁协议非签署方的权利和义务与基础合同紧密关联时，其可受仲裁协议约束。在Borrower v Lender [2025] HKCFI 3197案中，法院确认了其在对仲裁裁决提出挑战的案件中，有权命令相关方提供讼费担保以遏制战术性诉讼并促进裁决的终局性。而在PI 1 & PI 2 v MR [2025] HKCFI 1110案中，法院认定“压迫”和“丧失信息”等问题可作为支持公司清盘的依据，且这些问题具有可仲裁性。上述判决反映了香港在争议解决方面秉持务实的态度，始终将效率与一致性置于优先考量。

香港法院与相关机构在推动裁决可执行性及保障程序完整性方面保持一致与协同，对客户而言，香港仍是一个值得信赖的商事争议解决司法管辖区。

公司治理与商事实践

企业治理领域也展开了针对性变革。2025年4月，《2025年公司（修订）条例》正式生效，该条例推出上市公司库存股份机制，并通过无纸化实现企业沟通现代化。此举增强了资本管理灵活性，减轻行政负担，并通过更新信息披露义务确保企业运营透明化，使香港公司法框架与技术进步和现代通信发展保持同步。

与此同时，客户需保持警觉。当前监管环境愈发复杂，数据隐私、反洗钱及数字金融等多个监管机制重叠。此外，法律顾问需提供专业意见与战略洞见，协助客户将合规要求与商业目标精准对接。

结论

2025年是聚焦战略精细化发展的一年。香港通过针对性监管举措、制度创新及司法支持，彰显在数字金融领域占据领先的雄心，其结构化、以投资者为核心且具技术前瞻性的发展模式，与监管体系碎片化地区形成鲜明差异。

对商业客户而言，2025年蕴含巨大机遇，能接触代币化产品及稳定币基础设施，也可受益于可靠的争议解决框架。但也需面对监管复杂、地缘政治敏感及灵活合规等挑战。法律从业人员需将变革融入咨询工作，确保服务精准且具战略远见，从而提升香港作为加密货币和数字资产中心的吸引力。

通过上述方式，香港法律界能在不确定的市场环境中持续为客户提供专业指导，并借助技术变革，持续巩固香港作为全球商业、法律和创新中心的声誉。