Hong Kong Finalizes Stablecoin Rules Effective Aug. 1, Warns Against Hype as Licensing Delayed to 2026

Key Points

1. The HKMA published two sets of guidelines for stablecoin issuers, effective August 1, with the first batch of applications expected by end of September.

2. The framework includes supervision of licensed issuers, AML/CTF requirements, and a public registry of licensed stablecoin issuers.

3. The HKMA emphasized a step-by-step approach to stablecoin adoption, not expecting large-scale adoption immediately.

4. No stablecoin licenses have been issued yet, and the HKMA warned against entities falsely claiming to be licensed or regulated.

5. The HKMA will enforce compliance and advised skepticism toward entities claiming to be in the licensing process, expressing concern over market hype.