On August 1, 2025, Hong Kong's Stablecoin Regulation Officially Takes Effect

The Hong Kong Monetary Authority (HKMA) officially implemented the "Stablecoin Regulation" on August 1, 2025, simultaneously opening applications for stablecoin issuer licenses, marking the formal establishment of Hong Kong's policy in the field of stablecoin regulation as an international financial center. After a year of sandbox testing and rule refinement, Hong Kong has attracted global industry participants with a clear institutional design and high regulatory standards, while also embedding multiple variables into the stablecoin market. This article will comprehensively analyze the implementation of Hong Kong's stablecoin policy and its market impact from the dimensions of regulatory framework, policy positioning, market response, and potential risks.

1. Regulatory Framework: Strict Access and Transitional Classification

Hong Kong's stablecoin regulatory system is centered on high standards and strict requirements, aiming to ensure financial stability and investor protection. The HKMA will accept the first round of license applications from August 1 to September 30 and encourages institutions to proactively communicate before August 31. Four supporting documents detail the regulatory specifics, covering licensed operators' operational norms, anti-money laundering requirements, and transitional arrangements.

Core Compliance Requirements Are Extremely Strict:

• All stablecoin holders must undergo identity verification, akin to a real-name system.

• Issuers must meet hard conditions such as full reserves, redemption within one day, and establishing a physical entity in Hong Kong.

• HKMA Assistant General Manager Chen Jinghong stated that this regulation is stricter than the previous whitelist system, but there may be room for adjustment as technology matures.

Transitional Arrangements Reflect Layered Management:

• Existing institutions that meet the requirements within six months can obtain a temporary license.

• Those that do not meet the standards within three months must cease operations within four months, while completely non-compliant entities must terminate operations within one month.

• Violators will face penalties such as fines and license revocation.

Pegged Currency Options Open but with High Barriers:

HKMA Vice President Chen Weimin clarified that stablecoins pegged to a single fiat currency or a basket of fiat currencies can apply, but must clearly state this in their materials. The first license is expected to be issued in 2026, with extremely high issuance thresholds, highlighting Hong Kong's high-quality requirements for stablecoin issuance.

2. Policy Positioning: Rejecting Speculation, Focusing on Financial Infrastructure

The policy stance in Hong Kong regarding stablecoins has always been clear: they are seen as financial infrastructure rather than speculative tools. Financial Secretary Paul Chan emphasized in a signed article that the value of stablecoins lies in enhancing payment efficiency and reconstructing financial processes, needing to be rooted in the demands of the real economy. The Chairman of the Financial Development Council, Hong Pik-chung, further pointed out that asset digitization is a long-term process and should not pursue the shortsighted goal of "24-hour full on-chain."

The Secretary for Financial Services and the Treasury, Christopher Hui, has repeatedly stated that issuers must have sufficient capital and reserve mechanisms to prevent systemic risks. In terms of application scenarios, Hong Kong prioritizes cross-border settlement. HKMA Chief Executive Eddie Yue stated that the first batch of stablecoins will focus on cross-border trade settlement, especially in underdeveloped foreign exchange markets such as "Belt and Road" infrastructure projects, exploring alternative payment functions. Additionally, the policy layer is promoting the tokenization of green bonds, ETFs, and other assets, using stablecoins to build a value bridge between on-chain and off-chain.

Cautious Advancement of RMB Stablecoins:

Regarding the market's interest in RMB stablecoins, the policy stance is cautious. Hui admitted that there is no legal prohibition on pegging to the RMB, but it must coordinate with the mainland on exchange rates and monetary policy to ensure overall national financial stability. Hong Kong has space in the RMB stablecoin field, but it must proceed gradually.

3. Market Response: Institutional Competition and Path Speculation

The implementation of the "Stablecoin Regulation" has sparked a strong market response. According to incomplete statistics, 50-60 institutions have expressed their intention to apply, with payment institutions and internet companies each accounting for half, many of which have Chinese backgrounds. The market expects that only 3-4 licenses will be issued in the first phase, primarily focusing on HKD and USD stablecoins.

Participant Layout Logic:

• JD Coin Chain Technology, Standard Chartered Bank, and other five institutions have participated in sandbox testing. JD has clearly stated it will issue a stablecoin pegged 1:1 to the HKD.

• Animal Brands, in collaboration with Standard Chartered and Hong Kong Telecom, has established a joint venture to enter the gaming asset trading scene.

• Ant Group and Lianlian Digital are also simultaneously laying out in the Hong Kong and Singapore markets, seeking multi-regional compliance.

Brokerage Research Report Analysis:

• CITIC Securities suggests focusing on two types of entities: issuers with a high probability of license approval and platform-type enterprises involved in scenario construction.

• Ping An Securities proposed a "dual-track pattern" hypothesis: USD stablecoins connect to the international market, while HKD stablecoins connect to the mainland, reserving space for RMB internationalization.

• Morgan Stanley pointed out that Hong Kong provides the first legal path for offshore RMB stablecoins, relying on 1 trillion RMB offshore liquidity, which is expected to become a cross-border payment channel, but market trust in USD and HKD stablecoins must first be established.

4. Risks and Insights: Benchmark Significance and Rational Warnings

Despite the broad prospects, the stablecoin market still carries risks. The HKMA has issued a notice warning the public to be cautious of unlicensed projects, emphasizing that investment risks must be borne by individuals. Legislative Council member Wu Jiezhuang reminded retail investors to remain rational towards emerging assets and to make decisions only after fully understanding the product mechanisms.

From a global perspective, Hong Kong's exploration of stablecoin regulation has benchmark significance. Against the backdrop of the accelerated expansion of USD stablecoins, Hong Kong is constructing a stablecoin ecosystem through a "strict regulation + heavy compliance" approach, both preventing risk spillover and providing a "Chinese solution" for the formulation of international rules in the digital asset field. This licensing competition that began in August may reshape the competitive landscape of the global stablecoin market.

Conclusion

The implementation of Hong Kong's stablecoin policy not only injects new momentum into local financial innovation but also sets a new benchmark for global stablecoin regulation. As the first batch of licenses is gradually issued, Hong Kong is expected to occupy an important position in the global digital asset arena while opening new paths for RMB internationalization and cross-border payment system construction. However, the high regulatory thresholds and market uncertainties also remind industry participants that compliance and stability will be the core of future competition.

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