Golden Finance reported that the Hong Kong Special Administrative Region Government published the “Stablecoin Ordinance (Effective Date) Announcement” in the Gazette today (June 6), clearly designating August 1, 2025 as the official implementation date of the Stablecoin Ordinance (Cap. 656).
The Secretary for Financial Services and the Treasury, Mr. Paul Chan Mo-po, said in response: “After the Ordinance comes into effect, the relevant licensing regime will provide appropriate regulations for stablecoin activities. This is undoubtedly an important milestone in promoting the sustainable development of the stablecoin and digital asset ecosystem in Hong Kong.”
Previously, the Legislative Council of Hong Kong officially passed the Stablecoin Bill on May 21, 2025. This regulation aims to establish a licensing system for issuers of “fiat stablecoins” (i.e., stablecoins pegged to legal tender), fill regulatory gaps, and promote financial innovation while maintaining financial stability. The regulations stipulate that anyone who issues fiat stablecoins in the course of their business in Hong Kong or issues fiat stablecoins outside Hong Kong that claim to be pegged to the value of the Hong Kong dollar must apply for a license from the Financial Commissioner.
At the same time, relevant personnel need to meet multiple regulations such as the management and redemption of reserve assets, such as properly separating customer assets, maintaining a sound and stable mechanism, and handling the redemption requests of stablecoin holders at face value under reasonable conditions. In addition, a series of requirements for combating money laundering and terrorist financing, risk management, disclosure, auditing and appropriate personnel must also be met.
The Hong Kong Monetary Authority emphasized that the licensing system will provide stronger protection for the public and investors. The regulations only allow designated licensed institutions to sell fiat stablecoins in Hong Kong, and only fiat stablecoins issued by licensed issuers can be sold to retail investors. To prevent fraud, only advertisements related to the issuance of licensed fiat stablecoins are allowed.
Ding Zhaofei, the chief analyst of HashKey Group, pointed out in an interview that the passage of the Stablecoin Bill in Hong Kong is a key milestone in the regulatory process of virtual assets in Hong Kong. This legislation not only fills the regulatory gap of fiat currency-pegged stablecoins, but also provides a clear compliance framework for the industry. By requiring measures such as the isolation of reserve assets, redemption guarantees, and anti-money laundering compliance, it effectively reduces systemic risks. At the same time, this legislation will promote Hong Kong to become an international Web3 and digital finance center, facilitate the internationalization of the RMB and the development of offshore financial business, and also lay a solid foundation for the launch of offshore RMB stablecoins in Hong Kong.
As August 1st approaches, participants in Hong Kong’s stablecoin market will face new compliance challenges and opportunities, and the market will also closely monitor the profound impact of the implementation of the Stablecoin Ordinance on Hong Kong’s financial ecosystem.
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