The Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui, recently announced that the "Stablecoin Ordinance" will be officially implemented in August 2025. Hong Kong will initiate a stablecoin licensing system, and the first batch of licenses might be issued within this year, expected to be in the "single digits". He stated that after the ordinance takes effect, the government hopes to receive market applications as soon as possible to promote Hong Kong as a compliance center for crypto assets.
Christopher Hui pointed out that the core goal of regulation is to ensure that stablecoins can achieve a 1:1 redemption with their anchored assets, preventing the spread of financial system risks. He specifically mentioned that if financial institutions wish to issue stablecoins anchored to the Renminbi, they must closely coordinate with regulatory authorities in relevant jurisdictions to ensure cross-border compliance.
According to the new regulations, any stablecoin project intended for public issuance must obtain prior approval from the Monetary Authority. Thus, Hong Kong becomes one of the first major financial centers in Asia to establish a stablecoin licensing system.
As the regulatory framework becomes clearer, the market is highly interested in who will receive the first batch of licenses and how the details of regulatory requirements will be implemented. The first batch of applicants is expected to be primarily local fintech companies, with some traditional financial institutions also actively preparing.
The implementation of this policy will provide a clear path for the development of stablecoins, sending a positive signal to the digital asset industry, crypto payment platforms, and virtual asset users, marking a new stage of legal and orderly development for stablecoins in Hong Kong.
