The Hong Kong Monetary Authority ("HKMA") has published guidelines and explanatory notes for a new regulatory regime for stablecoin issuers, which will come into effect on 1 August 2025.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On 29 July, the Hong Kong Monetary Authority ("HKMA") announced the implementation of the regulatory regime for stablecoin issuers. Two sets of guidelines were published for effect on 1 August 2025: Consultation conclusions and the finalized Guideline on Supervision of Licensed Stablecoin Issuers, and the finalized Guideline on Anti-Money Laundering and Counter-Financing of Terrorism for Licensed Stablecoin Issuers. These guidelines will be further published in the Gazette on the same date.
As the regulatory framework becomes effective, market participants are urged to comply with the Stablecoins Ordinance and the relevant guidelines. The HKMA encourages parties interested in obtaining a license to contact them via
The HKMA warns against misinterpretation or false claims that could violate the Stablecoins Ordinance. It is essential for market participants to exercise due caution in their public communications, refraining from falsely claiming to be licensed or applicants.
As of today, no licenses have been issued by the HKMA. The public will be able to refer to a register of licensed stablecoin issuers on the HKMA’s website. Market participants are advised to stay vigilant against individuals claiming to be regulated or applying for a license. Unlicensed stablecoin holders are advised to proceed at their own risk.
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