In our first episode of 2025, with a brand-new format, Regulatory Ramblings highlights two critical developments shaping Asia’s financial and regulatory landscapes.

In Episode 61, Hong Kong-based lawyer Ben Hammond unpacks the city’s upcoming Stablecoin Bill, a landmark regulation aimed at strengthening digital asset oversight while bolstering Hong Kong’s position as a global financial hub. Hammond reflects on the bill’s significance, how it fills regulatory gaps, and its potential to foster legitimacy and confidence in the stablecoin ecosystem. He also explores the broader challenges and opportunities the legislation presents for compliance, cross-border legal practice, and the evolution of digital finance.

Meanwhile, legal expert and political analyst Ross Feingold examines the extraterritorial enforcement of US laws under President-elect Donald Trump’s returning administration. Feingold addresses heightened sanctions, trade policies, and the ripple effects on financial hubs like Hong Kong and Singapore. Topics include escalating compliance costs, the dollar’s role in global trade, and the implications of Trump’s crypto-friendly stance for Asian markets.

With insights ranging from the Stablecoin Bill’s regulatory impact to Trump’s influence on Asia’s financial compliance, this episode provides a timely overview of the challenges and opportunities awaiting the region in 2025.

Our first guest, Ross Feingold, Head of Research at Caerus Consulting, brings extensive expertise in global risk management. A New York and Washington, DC-admitted lawyer, he has served as in-house counsel at Royal Bank of Scotland, Deutsche Bank, and J.P. Morgan. With over 20 years of experience in Asia, including Hong Kong, Singapore, and Taipei, Ross is fluent in Mandarin and has held roles as a lecturer, political analyst, and Asia chairman of Republicans Abroad. He is also a director of the Association of American Residents Overseas. In this episode, Ross discusses the implications of US extraterritorial laws under the incoming administration of President-elect Donald Trump.

Our second guest, Ben Hammond, managing partner at Ashurst Hong Kong, leads the firm’s financial services regulatory group, specializing in non-contentious regulatory practice. He advises clients on a wide range of regulatory matters, with a focus on digital economy initiatives. Notably, Ben guided Goldman Sachs in 2023 on its tokenization platform, GS DAP™, for issuing the world’s first government-backed tokenized green bond (HK$800 million) for the Hong Kong government. In 2024, he led HSBC’s support to the Hong Kong Monetary Authority on the world’s first multi-currency “digitally native” bond offering, underscoring his expertise in pioneering regulatory frameworks and digital finance innovation.

The Regulatory Ramblings podcast is brought to you by The University of Hong Kong's Reg/Tech Lab (Building Better Financial Systems), HKU-SCF FinTech Academy, Asia Global Institute, and HKU-edX Professional Certificate in FinTech, with support from HKU Law. The program is led by Douglas Arner and hosted by Ajay Shamdasani. For more details and links, please visit: www.hkufintech.com/regulatoryramblings

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.