HK PRL Fiat-Referenced Stablecoins

Updated on: Jun 10, 2025

Latest Event


  • Jun. 2025 Commencement Date
  • On Jun. 6, 2025, HK Treasury said HK GVT has gazetted the Stablecoins ordinance (commencement) notice, appointing Aug. 1, 2025 as the start date of the ordinance.
  • Also reminded that HKMA has launched a consultation on the detailed regulatory requirements of the regime, including provisions related to AML/CFT, see #256117.

On Dec. 6, HK PRL gazetted Stablecoins bill re regime for issuers.

  • 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.
  • Jun. 2025 Commencement Date
  • On Jun. 6, 2025, HK Treasury said HK GVT has gazetted the Stablecoins ordinance (commencement) notice, appointing Aug. 1, 2025 as the start date of the ordinance.
  • 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
Functions
Compliance; Financial; Legal; Registration/Licensing; Risk
Countries
Hong Kong
Category
Central Government
State
N/A
Products
Cryptocurrency; Issuance/IPO
Rule Type
Final
Regions
AP
Rule Date
Dec 6, 2024
Effective Date
Aug 1, 2025
Rule ID
236085
Linked to
N/A
Reg. Last Update
Jun 6, 2025
Report Section
International