The Stablecoins Ordinance (Cap. 656) is Hong Kong’s primary statute for a licensing regime covering fiat-referenced stablecoin issuers and related offering activity. As of June 16, 2026, the Ordinance is in force: it was gazetted on May 30, 2025, commenced on Aug. 1, 2025, and is administered by the Hong Kong Monetary Authority. The regime focuses on specified stablecoins, issuer licensing, reserve asset safeguards, redemption rights, offering controls, market communications and AML/CFT obligations.
Hong Kong Stablecoins Ordinance status and scope
The Ordinance gives Hong Kong a statutory framework for stablecoin issuance rather than a general licensing regime for every crypto asset. The government described the law’s purpose as supervising activities involving stablecoins and introducing a licensing regime for regulated stablecoin activities in Hong Kong. The HKMA states that, following implementation on Aug. 1, 2025, the business of issuing fiat-referenced stablecoins became a regulated activity in Hong Kong and a licence is required.
The regulated activity perimeter is centred on issuance. HKMA guidance explains that a person carries on a regulated stablecoin activity if the person issues a specified stablecoin in Hong Kong in the course of business, issues a specified stablecoin outside Hong Kong that purports to maintain a stable value by reference wholly or partly to Hong Kong dollars, or carries on another activity specified under the Ordinance. The regime also addresses active marketing to the public where the marketed activity would constitute a regulated stablecoin activity if carried on in Hong Kong.
Key provisions for stablecoin issuers
The Ordinance requires HKMA authorisation for persons carrying on, or holding themselves out as carrying on, regulated stablecoin activity unless an exemption applies. HKMA licensing guidance identifies the Monetary Authority as the licensing authority and states that minimum criteria in Schedule 2 continue to apply after a licence is granted. Those criteria include corporate status, financial resources, reserve asset management, redemption arrangements, governance, risk management, disclosure, audit and fitness-and-propriety expectations.
- Reserve assets: HKMA supervisory guidance expects reserve pools to be held in the same reference asset unless the Monetary Authority approves otherwise, with segregation from other issuer assets and protection against other creditor claims.
- Redemption: Licensed issuers must provide stablecoin holders with a right to redeem at par value. HKMA guidance says valid redemption requests should ordinarily be processed within one business day unless otherwise approved.
- Offering controls: The government stated that only specified licensed institutions may offer fiat-referenced stablecoins in Hong Kong, and retail offers are limited to stablecoins issued by licensed issuers.
- AML/CFT controls: Licensed stablecoin issuers are subject to AML/CFT expectations covering customer due diligence, ongoing monitoring, stablecoin transfers, counterparty due diligence and transaction screening.
Implementation, transition and licensing
The Ordinance was passed by the Legislative Council on May 21, 2025 and came into operation on Aug. 1, 2025. On July 29, 2025, the HKMA published implementation materials, including licensing, supervisory and AML/CFT guidance, and reminded market participants to observe the Ordinance and the relevant guidelines as the regime came into effect.
Schedule 7 transitional arrangements applied to pre-existing issuers. HKMA transitional guidance stated that pre-existing issuers seeking a licence should submit an application and supporting declaration by Oct. 31, 2025; applicants that submitted and received acknowledgement could continue the relevant regulated activity during the first six months, until Jan. 31, 2026, provided they did not enter a closing-down period.
As of the last verification date for this profile, the HKMA maintained a public register of licensed stablecoin issuers. The HKMA announced on Apr. 10, 2026 that it had granted stablecoin issuer licences to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited, with both licences effective that day. This profile summarizes official sources for legal-reference purposes and is not legal, compliance, tax, investment or trading advice.