The Hong Kong Monetary Authority (HKMA) announced on May 21 that the Legislative Council had formally passed the Stablecoins Bill, establishing a regulatory framework requiring fiat-referenced stablecoin (FRS) issuers to obtain a license to operate in or outside of Hong Kong if their tokens are linked to the Hong Kong dollar. The initiative is part of the territory’s broader strategy to solidify its position as a leading financial center while fostering a secure environment for virtual asset (VA) innovation.

Under the new ordinance, entities engaged in FRS issuance as a business must adhere to strict compliance protocols. According to the HKMA:

The relevant persons must satisfy the requirements in areas such as reserve asset management and redemption, including proper segregation of client assets, maintaining a robust stabilisation mechanism, and processing stablecoin holders’ requests for redemption at par value with reasonable conditions.

“The relevant persons must also comply with a range of requirements, including those on anti-money laundering and counter-terrorist financing, risk management, disclosure and auditing, and fitness and propriety. The MA will conduct further consultations on the detailed regulatory requirements of the regime in due course,” the regulator added. Only specified licensed institutions will be permitted to offer FRS to retail users, and all advertisements related to stablecoins must also originate from licensed issuers—even during the initial six-month transitional period.

HKMA Chief Executive Eddie Yue emphasized the framework’s role in balancing growth and oversight:

The Ordinance has established a risk-based, pragmatic, and flexible regulatory regime. We believe that a robust and fit-for-purpose regulatory environment would provide favourable conditions to support the healthy, responsible, and sustainable development of Hong Kong’s stablecoin and the broader digital asset ecosystem.

Only licensed entities will be permitted to offer FRS to retail investors or advertise such offerings in Hong Kong, including during the initial six-month non-contravention period. Secretary for Financial Services and the Treasury Christopher Hui remarked that the legislation adheres to the “same activity, same risks, same regulation” principle and would “lay a solid foundation for Hong Kong’s virtual asset market.” The government has also signaled future policy developments, including consultations on virtual asset over-the-counter and custodian services, as it continues efforts to support and regulate the VA sector.

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