Hong Kong Stablecoin Issuer Licensing Regime Takes Effect
Key Takeaways
- 01Since 1 August 2025, issuing fiat-referenced stablecoins in Hong Kong requires an HKMA licence under the Stablecoins Ordinance.
- 02The regime brings stablecoin issuance into Hong Kong’s regulated financial-services perimeter.
- 03Licensed issuers are subject to HKMA supervisory and AML/CFT expectations.
- 04Prospective issuers should review the licensing guidance and engage with the HKMA early.
- 05The HKMA’s public register enables users and counterparties to verify licensed stablecoin issuers.
Hong Kong’s regulatory regime for fiat-referenced stablecoin issuers took effect on 1 August 2025 under the Stablecoins Ordinance. Issuing a fiat-referenced stablecoin in Hong Kong is now a regulated activity that requires a licence from the Hong Kong Monetary Authority (HKMA).
The regime is intended to bring specified stablecoin issuance activities within Hong Kong’s regulatory perimeter. The HKMA has published an Explanatory Note on Licensing for Stablecoin Issuers, which covers the licensing framework and application procedures.
Licensed issuers must meet the HKMA’s supervisory expectations, including those in the Guideline on Supervision of Stablecoin Issuers and the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism. The latter addresses controls intended to prevent stablecoins from being used for money laundering or terrorist financing.
Businesses considering an application are encouraged to review the HKMA guidance and engage with the authority early through stablecoin_licensing@hkma.gov.hk. The HKMA maintains a public Register of Licensed Stablecoin Issuers, allowing users and counterparties to check which entities have received a licence.
For users with concerns about a licensed issuer, the HKMA encourages a formal complaint to the issuer first. The register includes licensee contact details, and the HKMA accepts regulatory enquiries at stablecoin_complaint_enquiry@hkma.gov.hk.
The framework follows several years of policy development: an HKMA discussion paper in January 2022, consultation conclusions in January 2023, a joint FSTB-HKMA legislative consultation in December 2023, and final consultation conclusions in July 2024.