Also reminded that HKMA has launched a consultation on the detailed regulatory requirements of the regime, including provisions related to AML/CFT, see #256117.
HK PRL, HK Treasury said Stablecoins bill was gazetted, to provide for supervision of activities involving stablecoins, and give HKMA investigatory and enforcement powers.
Stablecoins Bill
Bill is expected to enhance regulatory framework for virtual asset (VA) activities, by addressing potential financial stability risks posed by fiat-referenced stablecoins (FRS).
Any person issuing FRS in HK in the course of business, issuing FRS that purport to maintain a stable value with reference to HKD in the course of business, or actively marketing the person's issue of FRS to the public of HK, must be licensed by HKMA.
Bill also seeks to provide HKMA with necessary supervision, investigation, enforcement powers for the regime’s effective implementation; first reading will be Dec. 18, 2024.
May 2025 Bill Passed
On May 21, 2025, HK Treasury welcomed passage of the Stablecoins bill by HK PRL.
Upon implementation of the Stablecoins ordinance, any person who issues an FRS in Hong Kong, or issues an FRS that purports to maintain a stable value with reference to Hong Kong dollar in or outside Hong Kong, will need to obtain a license from HKMA.
HKMA said the ordinance is expected to come into effect in 2025, to allow sufficient time for the industry to understand the requirements under the licensing regime.
The regime provides for transitional arrangement to facilitate applications for licenses.
It will conduct further consultations on detailed regulatory requirements in due course.
May 2025 Ordinance Gazetted
On May 30, 2025, HK PRL said the Stablecoins ordinance has been gazetted, and will be coming into operation on a day to be appointed by notice published in the gazette.
Also reminded that HKMA has launched a consultation on the detailed regulatory requirements of the regime, including provisions related to AML/CFT, see #256117.
Regulators
HK GVT; HK PRL; HK Treasury; HKMA
Entity Types
Corp
Reference
OG L.N. 125 of 2025, 6/6/2025; OG Ord. No. 17 of 2025, 5/30/2025; PR 5/21/2025; Bill, 12/6/2024
