The Hong Kong Monetary Authority (HKMA) has announced the implementation of a comprehensive regulatory framework for stablecoin issuers, which will officially come into effect on 1 August 2025.
The move signals a significant step towards tightening oversight of digital assets and establishing a licensing regime aimed at strengthening investor protection and financial system stability.
The HKMA has published a series of documents to guide the enforcement of the new regime, including consultation conclusions and finalised versions of two key guidelines. These are the Guideline on Supervision of Licensed Stablecoin Issuers and the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Stablecoin Issuers).
Additionally, two explanatory notes have been released. One outlines the licensing framework and application process, while the other clarifies transitional arrangements for stablecoin issuers operating before the law comes into force. All these documents will also be published in the Government Gazette on the effective date.
The regulatory regime will be governed under the newly passed Stablecoins Ordinance. The HKMA is urging interested parties to reach out by 31 August 2025 to initiate discussions on licensing and compliance expectations. Those that consider themselves prepared are encouraged to submit formal applications by 30 September 2025 to be considered in the early batch.
Importantly, the HKMA emphasised that no licences have been issued to date. It also reminded the public to consult the official register of licensed stablecoin issuers on the HKMA website to avoid falling victim to fraud.
The authority has warned against misleading public statements, cautioning market participants not to falsely claim to be licensed or applying licensees. Such declarations constitute an offence under the new law.
The HKMA reiterated that holders of unlicensed stablecoins do so at their own risk, highlighting the need for public vigilance during this regulatory transition.
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