Implementation of regulatory regime for stablecoin issuers
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) published today (July 29) the following documents for the implementation of the regulatory regime for stablecoin issuers, which will come into effect on August 1, 2025:
Consultation Conclusions on Draft Guideline on Supervision of Licensed Stablecoin Issuers and the finalised Guideline;
Consultation Conclusions on Proposed Anti-Money Laundering and Counter-Financing of Terrorism Requirements for Regulated Stablecoin Activities (For Licensed Stablecoin Issuers) and the finalised Guideline;
Explanatory Note on Licensing of Stablecoin Issuers on various aspects of the licensing regime and application process; and
Explanatory Note on Transitional Provisions for Pre-existing Stablecoin Issuers.
The two sets of guidelines will also be published in the Gazette on August 1, 2025. As the regulatory regime comes into effect, market participants are advised to observe the Stablecoins Ordinance and the relevant guidelines.
Parties interested in applying for a licence are encouraged to contact the HKMA, via stablecoin_licensing@hkma.gov.hk by August 31, 2025 (Sunday), so that the HKMA may communicate regulatory expectations and provide feedback as appropriate.
While licensing will be an ongoing process, interested parties that consider themselves sufficiently ready and wish to be considered early should submit the application to the HKMA by September 30, 2025 (Tuesday).
The HKMA would like to remind market participants to exercise due caution in their public communications, as well as refrain from making statements that could be misinterpreted or create unrealistic expectations. Among other things, it is an offence under the Stablecoins Ordinance to falsely claim oneself as a licensee or an applicant.
As of today, no licence has been issued by the HKMA. In future, the public may refer to the register of licensed stablecoin issuers as shown on the HKMA’s website. Members of the public are advised to stay vigilant to any persons who claim to be regulated or licensed stablecoin issuers in Hong Kong, as well as those who claim to be applying for a licence. Members of the public who hold unlicensed stablecoins are at their own risk.
Source: AI-found images
Hong Kong Customs detects drug trafficking case involving incoming passenger at airport
Hong Kong Customs yesterday (May 9) detected a drug trafficking case involving passenger at Hong Kong International Airport and seized about 2.25 kilograms of suspected heroin, four tablets of suspected Viagra and 26 sticks of duty-not-paid cigarette, with a total estimated market value of about $1.4 million. A man was arrested.
A 61-year-old male passenger arrived in Hong Kong from Kuala Lumpur, Malaysia yesterday. During customs clearance, Customs officers found a total of about 2.25 kg of suspected heroin in his check-in suitcase, and four tablets of suspected Viagra and 26 sticks of duty-not-paid cigarette in his carry-on backpack. The man was subsequently arrested.
The arrested person has been charged with one count of trafficking in a dangerous drug, one count of possession of Part 1 poison, one count of possession of dutiable goods and one count of failing to declare to a member of the Customs and Excise Service the possession of dutiable goods. The case will bebrought up at the West Kowloon Magistrates' Courts tomorrow (May 11).
Customs will continue to step up enforcement against drug trafficking activities through intelligence analysis. The department also reminds members of the public to stay alert and not participate in drug trafficking activities for monetary return. They must not accept hiring or delegation from another party to carry controlled items into and out of Hong Kong. They are also reminded not to carry unknown items for other people.
Customs will continue to apply a risk assessment approach and focus on selecting passengers from high-risk regions for clearance to combat transnational drug trafficking activities.
Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.
Under the Pharmacy and Poisons Ordinance, any person who possesses any poison included in Part 1 of the Poisons List other than in accordance with provisions commits an offence. The maximum penalty upon conviction is a fine of $100,000 and imprisonment for two years.
Under the Dutiable Commodities Ordinance, any person who imports, possesses, sells or buys dutiable commodities without a valid licence commits an offence. The maximum penalty upon conviction is a fine of $1 million and imprisonment for two years.
Members of the public may report any suspected drug trafficking activities to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).
Hong Kong Customs detects drug trafficking case involving incoming passenger at airport Source: HKSAR Government Press Releases
Hong Kong Customs detects drug trafficking case involving incoming passenger at airport Source: HKSAR Government Press Releases
