The Hong Kong "Stablecoin Regulations" will officially take effect on August 1, and the first batch of licenses may be issued starting in 2026.

The Hong Kong stablecoin regulatory system, the "Stablecoin Ordinance," will officially take effect on August 1, 2025, marking Hong Kong as the first financial center in Asia to establish a systematic regulatory framework for stablecoins.

However, the Hong Kong Monetary Authority (HKMA) has clearly stated that no stablecoin licenses have been issued at this time, and the first batch of licenses is expected to be issued as early as the beginning of 2026, with a very limited number.

According to regulatory guidelines, institutions wishing to apply for a license are advised to engage in preliminary communication by August 31, and the formal application must submit complete materials by September 30. This prudent licensing pace also reflects the cautious attitude of the regulatory authorities.

The Deputy Chief Executive of the Monetary Authority, Chen Weimin, emphasized that the threshold for license applications is "very high" and that even entering the "sandbox testing" does not guarantee approval. The first batch of licenses may only distribute 3 to 4, with a total not exceeding 10.

The regulations set a 6-month transition period until January 31, 2026, for existing stablecoin issuers. Institutions must submit applications for confirmation by October 31, or they will enter a one-month business termination period. The Monetary Authority also warned the public to be wary of any institutions claiming to be licensed or in the process of applying, emphasizing that only the list published on the official website has authoritative validity.

In terms of regulatory requirements, Hong Kong has adopted a relatively strict stance. In addition to the usual requirement of a paid-up capital of HKD 25 million and the full reserve asset support, the anti-money laundering guidelines require licensed institutions to verify the identity of all stablecoin holders, a standard that is stricter than in most jurisdictions.

The head of the Monetary Authority candidly stated that they do not expect to achieve large-scale application of stablecoins in the initial stage, but rather prefer to adopt a prudent strategy to gradually promote the digital transformation of Hong Kong.

Meanwhile, the market reaction has begun to show. Some institutions are actively preparing their license application materials, while projects that are still in the conceptual stage may face elimination from the market.

This high-standard, gradual approach not only controls risks but also lays the foundation for Hong Kong to build a "technologically compliant" stablecoin ecosystem. As the global regulatory competition intensifies, this framework from Hong Kong may become an important reference for the Asian region.

#稳定币 # regulatory system #Hong Kong Monetary Authority