Hong Kong Monetary Authority: Stablecoin Issuer Regulatory Framework to Take Effect on August 1

BlockBeats News, July 29th, according to an official announcement, the Hong Kong Monetary Authority (HKMA) today released the following documents regarding the stablecoin issuer regulatory regime that will be implemented starting August 1, 2025: Consultation Summary of the Licensed Stablecoin Issuer regulatory guidance and the guidance itself; Consultation Summary of the Anti-Money Laundering and Counter-Terrorist Financing Guideline (applicable to Licensed Stablecoin Issuers) and the guideline itself; "Summary Explanation of the Stablecoin Issuer Licensing Regime" related to the licensing regime and application process; "Summary Explanation of Transitional Provisions for Existing Stablecoin Issuers." The two sets of guidelines will be gazetted on August 1, 2025. With the formal implementation of the regulatory regime, market participants are required to comply with the "Stablecoin Ordinance" and relevant guidelines.

The HKMA encourages institutions intending to apply for a license to contact the HKMA through the official email address by August 31, 2025, or earlier, so that the HKMA can communicate regulatory expectations and provide appropriate feedback. Licensing will be an ongoing process, and if individual institutions believe they are well-prepared and wish to be considered promptly, they should submit an application to the HKMA by September 30, 2025, or earlier.

The HKMA reminds market participants to exercise caution in their public communications, avoiding statements that may be misunderstood or create unrealistic expectations. In particular, false claims of being a licensed entity or applicant are prohibited under the "Stablecoin Ordinance."

As of today, the HKMA has not issued any licenses. The public can refer to the HKMA website in the future for a list of licensed stablecoin issuers. The public should remain vigilant against any claims of being a regulated or licensed stablecoin issuer in Hong Kong and individuals claiming to be in the process of applying for a license. If the public holds unlicensed stablecoins, they do so at their own risk.