Hong Kong is set to implement a new regulatory regime for stablecoin issuers starting August 1, 2025, as part of its efforts to enhance financial stability and investor protection.
The Hong Kong Monetary Authority (HKMA) announced on July 29 that it has finalised two key guidelines:
Supervision of Licensed Stablecoin Issuers
Anti-Money Laundering and Counter-Financing of Terrorism for Licensed Stablecoin Issuers
These guidelines, along with explanatory notes on licensing procedures and transitional provisions for existing issuers, will be officially published in the Gazette on August 1.
Under the new Stablecoins Ordinance, all stablecoin issuers in Hong Kong must obtain a license. The HKMA encourages interested parties to reach out by August 31, 2025, to clarify requirements. Early ready applicants can submit their licensing requests by September 30, 2025.
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Darryl Chan, deputy chief executive of HKMA, emphasised that only “a handful” of licences will be granted for the first batch.
Investors piled into crypto-related stocks in Hong Kong since the city passed the stablecoin bill in May to boost its status as a global digital asset hub.
The HKMA cautioned market participants to avoid misleading statements, emphasising that falsely claiming to be licensed or in the application process is a criminal offence. As of today, no licenses have been issued. A public register of licensed issuers will be made available on the HKMA website.
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