Hong Kong's Stablecoins Ordinance took effect on 1 August 2025, making the issue of fiat-referenced stablecoins a regulated activity supervised by the Hong Kong Monetary Authority (HKMA). The Hong Kong stablecoin regime follows the passage of the Stablecoins Bill by the Legislative Council on 21 May 2025, which the government welcomed as creating a licensing regime for issuers.
Corporate INTL Newsroom · Banking & Finance
Hong Kong Stablecoin Regime Takes Effect Under HKMA Licensing
By The Corporate INTL Newsroom · 1 August 2025
What the rules require
Anyone issuing a fiat-referenced stablecoin in Hong Kong, or issuing one that references the Hong Kong dollar from anywhere, needs a licence from the Monetary Authority. Licensees must meet requirements on reserve asset management, redemption at par, segregation of client assets, the stabilisation mechanism, anti-money laundering and counter-terrorist financing controls, risk management, disclosure, audit and fitness and propriety.
Only specified licensed institutions may offer fiat-referenced stablecoins in Hong Kong, and retail investors may only be offered stablecoins from licensed issuers. Only advertisements for licensed issuance are permitted.
Guidance and licensing timetable
On 29 July 2025 the HKMA published its final Guideline on Supervision of Licensed Stablecoin Issuers and its AML/CFT guideline for licensed issuers, with consultation conclusions and explanatory notes on licensing and on transitional arrangements for pre-existing issuers. Interested parties were asked to contact the HKMA by 31 August 2025, and those ready for early consideration to apply by 30 September 2025. No licences had been granted as at 29 July, and licensees will be listed on a public register.
The HKMA urged the public to be cautious. Under the Ordinance, it is an offence to falsely claim to be a licensee or an applicant, and the regulator warned that holders of unlicensed stablecoins act at their own risk.
What it means for the market
The Hong Kong stablecoin regime gives banks, payment firms and digital asset businesses a defined route to issue regulated stablecoins in a major financial centre, applying the principle of same activity, same risks, same regulation. Existing issuers will need to work through the transitional provisions, while distributors and trading platforms should check that any stablecoin they offer to retail customers comes from a licensed issuer.
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