The Hong Kong Monetary Authority (HKMA) has released the finalised guidelines that will underpin the city’s regulatory regime for stablecoin issuers, with the framework officially set to take effect on 1 August 2025.
The newly published documents include consultation conclusions and finalised guidelines on the supervision of licensed stablecoin issuers, as well as on anti-money laundering and counter-financing of terrorism (AML/CFT) obligations. Additionally, the HKMA issued two explanatory notes detailing the licensing process and transitional provisions for existing stablecoin operators.
The move signals a key milestone in the formal establishment of a licensing regime for stablecoins under the Stablecoins Ordinance, and positions Hong Kong as one of the first jurisdictions in Asia to implement a comprehensive framework for regulating fiat-referenced crypto-assets.
The guidelines are expected to be gazetted on the day the regime takes effect. Under the new rules, all market participants must adhere to the provisions of the Stablecoins Ordinance and its associated guidelines.
Entities interested in becoming licensed stablecoin issuers are encouraged to reach out to the HKMA by 31 August 2025 to receive regulatory guidance. Those ready to proceed are advised to submit their full licence applications by 30 September 2025. However, the licensing process will remain ongoing beyond this deadline.
The HKMA stressed the importance of cautious and accurate public communication from all stakeholders in the ecosystem. It warned that making false claims about being licensed or applying for a licence is a criminal offence. The regulator reiterated that, as of now, it has not issued any licences to stablecoin issuers.
To help safeguard against potential fraud, the HKMA will maintain a public register of licensed stablecoin issuers on its website. Consumers are urged to verify any claims of licensing against this register and to remain cautious of holding or transacting with unlicensed stablecoins, as they do so at their own risk.
“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,” the HKMA said in its statement.
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