Implementation of regulatory regime for stablecoin issuers
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The Hong Kong Monetary Authority (HKMA) published today (July 29) the following documents for the implementation of the regulatory regime for stablecoin issuers, which will come into effect on August 1, 2025:
- Consultation Conclusions on Draft Guideline on Supervision of Licensed Stablecoin Issuers and the finalised Guideline;
- Consultation Conclusions on Proposed Anti-Money Laundering and Counter-Financing of Terrorism Requirements for Regulated Stablecoin Activities (For Licensed Stablecoin Issuers) and the finalised Guideline;
- Explanatory Note on Licensing of Stablecoin Issuers on various aspects of the licensing regime and application process; and
- Explanatory Note on Transitional Provisions for Pre-existing Stablecoin Issuers.
The two sets of guidelines will also be published in the Gazette on August 1, 2025. As the regulatory regime comes into effect, market participants are advised to observe the Stablecoins Ordinance and the relevant guidelines.
Parties interested in applying for a licence are encouraged to contact the HKMA, via stablecoin_licensing@hkma.gov.hk by August 31, 2025 (Sunday), so that the HKMA may communicate regulatory expectations and provide feedback as appropriate.
While licensing will be an ongoing process, interested parties that consider themselves sufficiently ready and wish to be considered early should submit the application to the HKMA by September 30, 2025 (Tuesday).
The HKMA would like to remind market participants to exercise due caution in their public communications, as well as refrain from making statements that could be misinterpreted or create unrealistic expectations. Among other things, it is an offence under the Stablecoins Ordinance to falsely claim oneself as a licensee or an applicant.
As of today, no licence has been issued by the HKMA. In future, the public may refer to the register of licensed stablecoin issuers as shown on the HKMA’s website. 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. Members of the public who hold unlicensed stablecoins are at their own risk.
Ends/Tuesday, July 29, 2025
Issued at HKT 18:28
Issued at HKT 18:28
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