29.07.2025 14:03
Hong Kong's financial regulator, the Hong Kong Monetary Authority (HKMA), has opened the door for stablecoin issuers, inviting applications for new licenses starting this August. The announcement, made on July 29th, encourages interested firms to submit preliminary applications by August 31st, allowing them valuable time to understand regulatory expectations and receive crucial feedback before final submissions are due September 30th. This phased approach aims for a smooth and compliant onboarding process for potential licensees.
A limited number of licenses will be granted initially, with a potential rollout beginning as early as 2026, according to Deputy Chief Executive Darryl Chan. This strategic approach mirrors similar regulatory efforts underway in other global financial centers. The European Union, for example, has already approved several firms under its MiCA framework, while the United States is adapting to the requirements of the recently enacted GENIUS Act. Hong Kong's proactive stance solidifies its position as a leading player in the evolving landscape of digital asset regulation.
Hong Kong's new stablecoin framework prioritizes consumer protection and financial stability by mandating that these digital currencies maintain full backing by high-quality, liquid assets. This stringent reserve requirement is crucial for mitigating risks and fostering trust within the expanding digital asset market. Furthermore, the HKMA has explicitly warned against misleading claims, emphasizing that falsely representing oneself as a licensed issuer or applicant constitutes a criminal offense with severe legal repercussions.
To ensure transparency and safeguard consumers, the HKMA will publicly list all licensed stablecoin issuers on its official website. Until this register is established, the HKMA urges caution, advising the public to be highly skeptical of any entity claiming to hold a license or be in the application process. No licenses have been granted to date, and any contrary assertions should be treated with extreme suspicion. The regulator further cautioned against engaging with unlicensed operators, highlighting the potential risks associated with such transactions.
