HKMA Sets Stablecoin Rules, Launches Registry Starting August 1

Key Points

1. The HKMA has established new regulations for stablecoin issuers, mandating licensing and adherence to anti-money laundering (AML) and counter-terrorist financing (CTF) standards.

2. A public registry of licensed stablecoin issuers will be launched on August 1, 2025, to provide transparency and verify official approval.

3. Unlicensed issuers will face regulatory action, and the HKMA plans to approve only a limited number of licenses.

4. Interested companies must submit preliminary inquiries by August 1 and full applications by September 30 to be considered for licensing.

5. The move aligns with global regulatory trends, as seen in South Korea's recent legislative efforts regarding stablecoins.