How are stablecoins regulated in Hong Kong?

Hong Kong regulates stablecoins through a dedicated law, the Stablecoins Ordinance, which the Hong Kong Monetary Authority (HKMA) administers. Anyone issuing a fiat-referenced stablecoin in Hong Kong needs an HKMA licence, and the law also limits who can sell stablecoins to the public. For the wider crypto picture, see is crypto legal in Hong Kong.

What does the Hong Kong stablecoin ordinance cover?

The Stablecoins Ordinance (Cap. 656) came into force on 1 August 2025. It makes issuing fiat-referenced stablecoins in Hong Kong a regulated activity. According to a Charltons summary of the regime, a licence is also needed to issue a stablecoin outside Hong Kong that references the Hong Kong dollar, in whole or in part.

Licensed issuers must keep reserves fully backed at all times by high-quality, liquid assets, kept separate from their own holdings and independently audited. Holders must be able to redeem within one business day. Issuers also face governance, risk management, capital and disclosure duties.

How do you get an HKMA stablecoin licence?

Firms apply to the HKMA, which keeps a public register of licensees. The HKMA had licensed no one by September 2025 and granted its first licences on 10 April 2026, both to institutions with banking backgrounds.

As of October 2026, the register lists two licensed issuers:

• Anchorpoint Financial Limited, a joint venture involving Standard Chartered (Hong Kong), HKT and Animoca Brands.
• The Hongkong and Shanghai Banking Corporation (HSBC).

In June 2026 the government said regulated stablecoins were expected to launch from mid to late 2026. Check the HKMA register for current licensees, because the list can change.

Who can sell stablecoins to the public in Hong Kong?

Only "permitted offerors" may offer specified stablecoins. These are licensed stablecoin issuers, SFC-licensed virtual asset service providers, stored value facility licensees, SFC-licensed Type 1 firms and banks. They may offer regulated stablecoins to both retail and professional investors, but unregulated stablecoins only to professional investors.

Over-the-counter crypto shops and money changers are not permitted offerors. The government says people who buy stablecoins through unregulated channels do so at their own risk and do not get the ordinance's protection.

How does Hong Kong enforce its stablecoin rules?

The HKMA has written to unregulated firms offering stablecoins and can refer cases to the police or the Department of Justice. The Securities and Futures Commission passes on information about suspected unlicensed marketing. Regulators have also warned the public that stablecoins are a payment tool, not an investment. For how these tokens work in general, read what is a stablecoin, or compare the GENIUS Act in the US.

Rules differ by country and change often. Check the regulator or a qualified professional for your own situation.