Hong Kong
Legislation
Stablecoins Ordinance
Authority
HKMA
Effective
June 1, 2025
Overview
Hong Kong's issuer licensing regime
The big picture: The HKMA introduced a licensing regime for fiat-referenced stablecoin (FRS) issuers under the Stablecoins Ordinance, requiring all FRS issuers operating in Hong Kong or issuing HKD-referenced stablecoins to obtain a license.
- Full reserve backing with high-quality liquid assets (HQLA)
- Segregation of reserve assets from issuer funds
- Regular independent audits and a robust governance framework
- 2024 sandbox program included Standard Chartered, Animoca Brands, and Hong Kong Telecommunications
Why it matters: Hong Kong is positioning itself as a competing stablecoin hub to Singapore in Asia-Pacific, with institutional-grade custody and reserve standards aligned to banking prudential requirements.
Coming Soon
Detailed regulatory analysis
In-depth coverage of this jurisdiction's stablecoin framework is being developed for a dedicated satellite site in the Atlas network.
Back to Atlas →