Regulatory Regime for Stablecoin Issuers

Following the implementation of the regulatory regime for stablecoin issuers under the Stablecoins Ordinance on 1 August 2025, the business of issuance of fiat-referenced stablecoins is a regulated activity in Hong Kong and a licence is required. This page sets out the details in relation to the regulatory regime.

Licensing for stablecoin issuers

The Explanatory Note on Licensing for Stablecoin Issuers sets out guidance on the licensing regime as well as licensing procedures. Entities interested in applying for a licence should familiarise themselves with the relevant guidance, and are encouraged to reach out to the HKMA for early discussion. Interested parties may reach out to the HKMA via stablecoin_licensing@hkma.gov.hk.

The Explanatory Note on Transitional Provisions for Pre-existing Issuers outlines the guidance for stablecoin issuers that have been operating in Hong Kong prior to the effective date of the regulatory regime (i.e. 1 August 2025)

Supervision of licensed stablecoin issuers

The HKMA has published Guideline on Supervision of Stablecoin Issuers and Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT Guideline) to set out regulatory expectations for licensed stablecoin issuers.

The Register of Licensed Stablecoin Issuers contains the name and basic information of licensed stablecoin issuers in Hong Kong. The public may refer to the Register for the updated list of entities that have been granted a licence.

Currently, there is no licensed stablecoin issuer. The list will be updated in a timely manner as appropriate.

Consultation and Conclusion

Expand All

Collapse All

Discussion Paper

In January 2022, the HKMA issued a discussion paper on crypto-assets and stablecoins, inviting views from the industry and public on the relevant regulatory approach. The paper sets out the HKMA’s thinking on the regulatory approach for crypto-assets particularly stablecoins.
Conclusion to the Discussion Paper

In January 2023, the HKMA issued the consultation conclusion to the discussion paper, summarising the feedback received, and proposing to bring certain activities relating to stablecoins into the regulatory perimeter.
Consultation Paper on the Legislative Proposal

In December 2023, the Financial Services and the Treasury Bureau (FSTB) and the HKMA issued a public consultation paper on the legislative proposal for implementing the regulatory regime for stablecoin issuers, inviting feedback from the industry and the public. The consultation concluded on 29 February 2024.
Consultation Conclusions for the Legislative Proposal

In July 2024, the Financial Services and the Treasury Bureau (FSTB) and the HKMA issued the consultation conclusions for the legislative proposal, summarising the feedback received, and providing responses regarding the scope of the proposed regulatory regime and licensing criteria.

Related Information

Press Release(s)

Speech(es)

inSight Article(s)

Quarterly Bulletin(s)

Last revision date : 30 July 2025