Hong Kong Stablecoins Ordinance regulation
Overview
The Stablecoins Ordinance is Hong Kong's statutory regime for fiat-referenced stablecoins, passed by the Legislative Council on 21 May 2025 and brought into effect on 1 August 2025. Under it, issuing a fiat-referenced stablecoin in Hong Kong, or issuing a stablecoin referencing the Hong Kong dollar anywhere, is a regulated activity requiring a licence from the Hong Kong Monetary Authority. Licensed issuers must meet requirements on reserve asset management and segregation, redemption at par, risk controls, governance and disclosure. The HKMA implemented the regime alongside guidance and an application process, having asked ready applicants to file by 30 September 2025.
Within the DeFi Intel graph, Hong Kong Stablecoins Ordinance connects to 2 tracked entities, most strongly to HKMA, Hong Kong.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 2 of 2 total).
| Relation | Connected entity | Confidence |
|---|---|---|
regulates | HKMA | 95% |
applies_in | Hong Kong | 95% |
Frequently asked questions
When did the Stablecoins Ordinance come into effect?
1 August 2025, after passage by the Legislative Council on 21 May 2025.
Who administers the licensing regime?
The Hong Kong Monetary Authority (HKMA).
What obligations does the Ordinance impose on licensed issuers?
Requirements covering reserve asset management, redemption, risk controls, governance and disclosure.
Sources
Facts on this page were verified against the following sources.