Hong Kong to implement stablecoin rules on August 1, licences due in 2026
Main Idea
Hong Kong will implement new regulatory rules for stablecoin issuers on August 1, 2025, with licenses expected to be issued in early 2026, focusing on reserves, AML compliance, and risk management.
Key Points
1. The new regulatory framework for stablecoin issuers in Hong Kong takes effect on August 1, 2025, with full applications due by September 30.
2. Licenses for stablecoin issuers will not be granted until early 2026, despite earlier market speculation of earlier approvals.
3. The HKMA released guidelines covering operational, financial, and risk-based requirements, including AML and counter-terrorist financing obligations.
4. A public registry of approved stablecoin issuers will be published on the HKMA’s website once the scheme is operational.
5. The HKMA has issued warnings about scams and misinformation related to stablecoins during the regulatory rollout.
Description
Hong Kong will officially implement its new regulatory framework for stablecoin issuers on August 1, as the city moves to safeguard digital currency adoption through licensing, oversight, and a public issuer registry. While the rules come into effect this week, licences for stablecoin issuers will not be issued until early 2026, according to the Hong Kong Monetary Authority (HKMA). The regulator is calling for full applications by September 30, and expects serious players in the space to initiat...
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