The Hong Kong Monetary Authority (HKMA) has released the final documentation for its upcoming regulatory regime governing stablecoin issuers, with the rules set to take effect on August 1, 2025.
The framework aims to bring clarity and oversight to a sector that has rapidly gained significance in both digital finance and cross-border payments.
Interested parties should contact the HKMA by August 31, 2025
The finalized package includes:
The Guideline on Supervision of Licensed Stablecoin Issuers and its consultation conclusions;
The Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Stablecoin Issuers) with accompanying consultation conclusions;
An explanatory note detailing the licensing process for stablecoin issuers;
A second explanatory note on transitional provisions for entities already operating in the space.
These documents will also appear in the Government Gazette on August 1, coinciding with the enforcement of the Stablecoins Ordinance. All market participants are required to comply with the Ordinance and the new guidelines.
Entities interested in applying for a licence are encouraged to contact the HKMA by August 31, 2025. Applicants ready to begin the licensing process are advised to submit their full applications by September 30, 2025. While the licensing process will be ongoing, the HKMA noted that it will provide regulatory guidance to early applicants and those requesting clarification on requirements.
The HKMA also issued a warning regarding public claims of compliance. It is a criminal offence under the Stablecoins Ordinance to falsely represent oneself as a licensee or even as an applicant. The authority clarified that no licences have been issued as of today. A public register of licensed stablecoin issuers will be made available on the HKMA’s website in due course.
The new regime is designed to support financial stability and user protection in the growing digital asset space. HKMA’s guidelines set expectations for risk management, disclosure, capital adequacy, and anti-money laundering compliance among stablecoin operators.
Market participants and consumers alike are urged to remain cautious. The HKMA stated that individuals who engage with unlicensed stablecoin products do so at their own risk, and should verify any claims of licensing or regulatory status directly with the authority’s forthcoming public registry.
