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On August 1, 2025, the Hong Kong Stablecoin Ordinance was officiallyTake effect, marking the implementation of the world’s first comprehensive regulatory framework for fiat currency stablecoins.The implementation of the regulations means that Hong Kong formally establishes the issuing system for fiat currency stablecoin issuers, furtherImprove the regulatory framework for virtual asset activities in Hong Kong, and while building a solid line of defense for financial stability, reserve space for orderly development for financial innovation.
License window opens: the first batch of expectedImplemented in early 2026
As the regulations come into effect,Hong Kong Monetary Authority (DownsayThe “HKMA”) simultaneously launched the first round of stablecoin issuer license application window, with an opening period until September 30, with a 6-month transition period.Used to handle compliance transitions and other related matters of stablecoin issuance agencies in Hong Kong.
The HKMA encouragesIntentionalInstitutionalActively communicate regulatory expectations before August 31;Institutions that are well prepared and want to be considered as soon as possible mustSubmit your application by September 30.According to the plan, the first batch of stablecoin issuers’ licenses are expected toIssued in early 2026.
It is worth noting that the HKMA has made public to the market many times“Cooling” emphasizesThe faster the stablecoin development, the better. We need to be vigilant about sacrificing risk prevention and control for speed, and call on the market to maintain rational expectations..This idea is also reflected in the design of access standards.
Rules for thresholds: Avoid explosive growth
The HKMA adheres to the principle of highly cautious in issuing licenses and has set a relatively high degree ofhighthreshold.Mr. Chen’s President Yu Weiwen has made it several times before that it is expected that only a few licenses will be approved in the early stage.Even if you have entered the sandbox, it does not mean that you will definitely pass the review.“Sandbox” is not a prerequisite for applying for a license in the future., all applications must undergo strict evaluation one by one based on the quality of the material.The regulatory technical briefing on July 29 further clarified that compliance, specificity and sustainability are the core requirements for licensing.
According to the regulatory requirements jointly issued by the HKMA and the Financial Affairs and Treasury Bureau, institutions that intend to issue Hong Kong dollar-linked stablecoins in Hong Kong must not only obtain a statutory license, but also mustMeet traditional financial-level audit, reserve disclosure, transparency requirements and anti-money laundering obligations.
Previously, Hong Kong Financial Affairs and Treasury Secretary Xu Zhengyu also pointed out that the general principles of supervision are similar to traditional financial assets. Relevant issuers must comply with the provisions of reserve asset management and redemption, including properly separating customer assets, and when stablecoin holders make redemption requirements, they must be completed within one working day to meet user needs.
Chen Weimin, Vice President of the HKMA, said bluntly that the review focuses on material integrity and concept feasibility. For institutions with insufficient technology and risk control capabilities,The more practical approach is to cooperate with other stablecoin issuing institutions to provide application scenarios rather than pursuing as the issuing entity.
Focus on payment value: Draw a clear line with speculation
The value of stablecoins is payment, not investment.Among all kinds of public statements, the HKMA has always emphasized thatThe core attribute of stablecoins is payment tools based on blockchain technology. The value of its integration into the traditional financial system through supervision is to play the payment function, rather than becoming a target of market speculation.
Hong Pizheng, Chairman of the Hong Kong Financial Development Council, made it clear that stablecoins should be based on the long-term and focus on the deep changes in the digitalization of payment infrastructure and asset markets, rather than becoming short-term speculation tools.
Chen Weimin also reminds the public to be wary of concept bubbles.Avoid excessive market excitement.Even if institutions are licensed, there is still uncertainty in short-term profits, and investors are called on to remain calm and independent in interpreting market information..
Hong Kong Financial Secretary Chan Mo-po also pointed out in his signed article that the programmable characteristics of stablecoins provide possibilities for payment automation and financial service process reconstruction, but its development should not be a “technology chase” or “tool carnival”, and must closely follow the needs of the real economy.
Anchoring the real economy: From cross-border settlement to asset tokenization
As regulatory clarity increases, stablecoin applications are also accelerating their ability to move closer to the real economy.The first batch of stablecoins willFocus on cross-border trade settlement and Web3 scenario testing.
Xu Zhengyu pointed out in an interview,existIn the “Belt and Road” infrastructure projects, stablecoins are expected to become an important digital tool to deal with local currency fluctuations and enhance regional economic resilience.
Chan Mo-po revealed that Hong Kong will continue to promote the tokenization of financial assets and plans to invest in green bonds,Token settlement mechanisms have been introduced in the fields of ETFs, metal commodities, etc., and stablecoins have been used to build a bridge between on-chain assets and trading currencies.
Yu WeiwenexistOn August 4, it pointed out that Hong Kong banks’ digital asset business has shown rapid growth.After the introduction of relevant regulatory guidelines, more and more banks have developed businesses in the sale of digital asset-related products and tokenized assets, as well as digital asset custody.I believe that Hong Kong’s growth momentum in the digital asset field will continue, bringing new impetus to the development of Hong Kong’s wealth management business.
