Stablecoin Issuers

Stablecoins are virtual assets that are designed to maintain a stable value relative to certain assets, typically currencies.  In view of the rising interconnectedness between the traditional financial system and the virtual asset markets, the HKMA is currently formulating a regulatory regime for stablecoin issuers in Hong Kong.  With a view to facilitating the subsequent implementation of the regime, the HKMA has launched a sandbox arrangement to facilitate the exchange of views between the HKMA and the industry on the proposed regulatory requirements.

Sandbox Participants

There are currently no sandbox participants. The list of participants will be available here.

Sandbox Arrangement

The sandbox arrangement for stablecoin issuers allows the HKMA to communicate supervisory expectations and guidance on compliance to parties having genuine interest in issuing fiat-referenced stablecoins in Hong Kong, as well as to obtain their feedback on the proposed regulatory requirements.  The details of the sandbox arrangement are available here.

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  • Factors for Consideration in Evaluating Applications
    • Demonstrate genuine interest in and a reasonable plan on issuing fiat-referenced stablecoins in Hong Kong.
    • Demonstrate a concrete plan on participating in the sandbox.
    • Demonstrate a reasonable prospect of complying with the proposed regulatory requirements.
  • Application Procedure
    • Interested parties can register their interests in applying for sandbox participation with the HKMA via
    • The HKMA may contact the applicant to obtain more information during the evaluation process.

Consultation and Conclusion
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  • 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.

Last revision date : 12 March 2024