N/A — Industry-wide Stablecoin Issuers
Hong Kong, China
The Hong Kong Monetary Authority's licensing and regulatory framework for fiat-referenced stablecoin issuers became effective on August 1, 2025. Under the new regime, stablecoin issuers operating in or targeting Hong Kong must secure an HKMA license by October 31, 2025. Firms that fail to obtain a license, or whose applications are rejected or withdrawn, enter a mandatory closing-down period beginning November 1, 2025. The framework regulates the issuance and offering of fiat-referenced stablecoins and has direct implications for EMI-like stablecoin activities. This represents one of the first comprehensive stablecoin licensing regimes in Asia and could serve as a model for other jurisdictions.
Verified from source: Hong Kong's licensing and regulatory framework for fiat-referenced stablecoins came into effect on 1 August 2025, requiring FRS issuers in Hong Kong and HKD-linked FRS issuers outside Hong Kong to obtain an HKMA license. The HKMA published consultation conclusions, guidelines, and explanatory notes on transitional provisions for pre-existing stablecoin issuers on 29 July 2025.
- BaaS and fintech firms involved in stablecoin issuance in Hong Kong must secure HKMA licensing or cease operations
- Creates a regulatory template that other Asian jurisdictions may adopt for stablecoin oversight
- Impacts EMI-like activities involving stablecoin issuance and may force business model changes for non-licensed firms