The Hong Kong Monetary Authority (HKMA) has published several documents in preparation for the implementation of the regulatory regime for stablecoin issuers, which will come into effect on 1 August 2025.
These include the consultation conclusions and finalised versions of the Guideline on Supervision of Licensed Stablecoin Issuers and the Guideline on Anti Money Laundering and Counter Financing of Terrorism (For Licensed Stablecoin Issuers).
The HKMA has also released an Explanatory Note on Licensing of Stablecoin Issuers, outlining the application process and various aspects of the licensing regime, as well as an Explanatory Note on Transitional Provisions for Pre existing Stablecoin Issuers.
Both sets of guidelines will be published in the Gazette on 1 August 2025.
As the new regime takes effect, market participants are expected to observe the Stablecoins Ordinance and comply with all relevant guidelines.
Interested parties are encouraged to contact the HKMA at by 31 August 2025, to engage with the authority regarding regulatory expectations and to receive feedback.
While licensing will remain an ongoing process, applicants who are sufficiently prepared and wish to be considered early are advised to submit their applications by 30 September 2025.
The HKMA reminds all market participants to exercise care in public communications, and to avoid making statements that could be misleading or give rise to unrealistic expectations.
It is an offence under the Stablecoins Ordinance to falsely present oneself as a licensee or an applicant for a license.
As of July 29 2025, no stablecoin licenses have been issued by the HKMA.
The public will be able to consult the official register of licensed stablecoin issuers on the HKMA’s website once the regime is in operation.
The public is advised to remain cautious of any persons claiming to be regulated, licensed, or in the process of applying for a license, and to be aware that holding unlicensed stablecoins is done at their own risk.
Featured image credit: Edited by Fintech News Hong Kong, based on image by CoinWire Japan via Unsplash
