Implementation of regulatory regime for stablecoin issuers

The Hong Kong Monetary Authority (HKMA) published today (29 July) the following documents for the implementation of the regulatory regime for stablecoin issuers, which will come into effect on 1 August 2025: 

• Consultation conclusions on the Guideline on Supervision of Licensed Stablecoin Issuers and the finalised Guideline;
• Consultation conclusions on the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Stablecoin Issuers) and the finalised Guideline;
• Explanatory Note on Licensing of Stablecoin Issuers on various aspects of the licensing regime and application process;
• Explanatory Note on Transitional Provisions for Pre-existing Stablecoin Issuers

The two sets of guidelines will also be published in the Gazette on 1 August 2025. As the regulatory regime comes into effect, market participants are advised to observe the Stablecoins Ordinance and the relevant guidelines. 

Parties interested in applying for a licence are encouraged to contact the HKMA, via stablecoin_licensing@hkma.gov.hk by 31 August 2025 (Sunday), so that the HKMA may communicate regulatory expectations and provide feedback as appropriate.

While licensing will be an ongoing process, interested parties that consider themselves sufficiently ready and wish to be considered early should submit the application to the HKMA by 30 September 2025 (Tuesday).

The HKMA would like to remind market participants to exercise due caution in their public communications, as well as refrain from making statements that could be misinterpreted or create unrealistic expectations.  Among other things, it is an offence under the Stablecoins Ordinance to falsely claim oneself as a licensee or an applicant.

As of today, no licence has been issued by the HKMA.  In future, the public may refer to the register of licensed stablecoin issuers as shown on the HKMA’s website. Members of the public are advised to stay vigilant to any persons who claim to be regulated or licensed stablecoin issuers in Hong Kong, as well as those who claim to be applying for a licence. Members of the public who hold unlicensed stablecoins are at their own risk.

Hong Kong Monetary Authority
29 July 2025