The Hong Kong Monetary Authority has released the final supervisory and anti-money laundering guidelines and supporting explanatory notes to operationalise Hong Kong’s licensing regime for stablecoin issuers, which takes effect on 1 August 2025 under the Stablecoins Ordinance. The two sets of guidelines are also scheduled to be published in the Gazette on 1 August 2025. The package includes consultation conclusions and finalised versions of the Guideline on Supervision of Licensed Stablecoin Issuers and the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Stablecoin Issuers), alongside explanatory notes on licensing requirements, the application process, and transitional provisions for pre-existing stablecoin issuers. Prospective applicants are encouraged to contact the HKMA by 31 August 2025 for initial engagement, and firms seeking early consideration should submit licence applications by 30 September 2025. The HKMA also warned market participants to avoid public statements that could be misinterpreted, noting that falsely claiming to be a licensee or an applicant is an offence under the Stablecoins Ordinance. No licences have yet been issued; once available, the public will be able to consult the HKMA’s online register of licensed stablecoin issuers, and holders of unlicensed stablecoins do so at their own risk.
Hong Kong Monetary Authority 2025-07-29
Hong Kong Monetary Authority publishes final stablecoin issuer guidelines as licensing regime starts 1 August 2025
The Hong Kong Monetary Authority has issued final supervisory and anti-money laundering guidelines for Hong Kong’s stablecoin issuers licensing regime, effective 1 August 2025 under the Stablecoins Ordinance. The guidelines, including consultation conclusions and explanatory notes, will be published in the Gazette on the same date. The HKMA warns against misleading public statements about licensing status, as falsely claiming to be a licensee or applicant is an offence.