Hong Kong Sets High Bar for Stablecoin Issuers Ahead of August
0Hong Kong
Stablecoin
Authorities in Hong Kong are laying the groundwork for stricter stablecoin regulation, with new licensing regimes focusing on reserve controls, cross-border compliance, and long-term operational viability.
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Hongji Feng
Author
Hongji Feng
About Author
Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...
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Last updated:
June 23, 2025
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Key Takeaways:
Hong Kong’s licensing regime for stablecoin issuers begins on August 1, with limited approvals expected in the initial phase.
Applicants must show detailed control systems, including asset security and AML compliance, and prove their ability to operate across jurisdictions.
The HKMA references global regulatory frameworks, including FSB guidelines, to structure its supervisory approach.
Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue outlined new expectations for stablecoin issuers under the city’s upcoming licensing regime, in a statement published on June 20.
The ordinance establishing the framework, passed by the Legislative Council in May, takes effect on August 1. Yue said only a small number of issuers would be licensed initially, citing the need for “real-world use cases” and operational capacity.
Hong Kong to Limit Stablecoin Licenses.
“Licensees must operate in a prudent and sustainable manner,” Yue said. “Building trust with market...
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