Hong Kong to implement first stablecoin ordinance on 1 August

Regulation documents published outline participants’ legal liabilities and application requirements.

The Hong Kong Monetary Authority (HKMA) published documents for the implementation of the regulatory regime for stablecoin issuers which will come into effect on 1 August 2025.

These documents include the Explanatory Note on Licensing of Stablecoin Issuers, and the Explanatory Note on Transitional Provisions for Pre-existing Stablecoin Issuers, which states various aspects of the licensing regime and application process.

Consultation conclusions on the Guideline on Supervision of Licensed Stablecoin Issuers and Guideline provides guideline for supervising licensed stablecoin issuers.

Finally, the Consultation conclusions on the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism and Guidelines gives stablecoins counter-terrorist and financial crime requirements.

The HKMA reminded stakeholders to be cautious speaking publicly to avoid statements that could be misinterpreted or create unrealistic expectations.

Market participants are advised to observe the relevant ordinance and guidelines, interested license appliers may contact [email protected] before 31 August to receive regulatory feedback from the HKMA.

For those that consider themselves sufficiently ready and wish to be considered licensed early should submit application to the HKMA by 30 September.

No license has been issued by the HKMA as of 29 July, any false claim of oneself as licensee or an applicant is an offence.

The public may refer to the list of registered licensed stablecoin issuers for reference.