HKMA Unveils Guidelines for Stablecoin Issuers Ahead of 2025 Regulatory Framework Implementation

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

SCED expresses sorrow over passing of Mr Gregory So

The Secretary for Commerce and Economic Development (SCED), Mr Algernon Yau, today (December 13) expressed deep sorrow over the passing of former SCED Mr Gregory So.

Mr So was appointed as Under Secretary for Commerce and Economic Development in 2008. He was appointed as SCED in 2011, a post he held until June 2017.

Mr Yau said, "During his tenure, Mr So had made immense contributions to Hong Kong's economic and trade developments by taking forward various policies and measures, and forging co-operation between Hong Kong and other economies. I am deeply saddened by the passing of Mr So and extend my sincere condolences to his family."

Mr Gregory So