Hong Kong Stablecoins Bill regulation
Overview
The Stablecoins Bill was passed by Hong Kong's Legislative Council on 21 May 2025, creating a licensing regime for issuers of fiat-referenced stablecoins in Hong Kong. It followed the Hong Kong Monetary Authority's 2024 consultation and stablecoin issuer sandbox, and was amended during the legislative process before final passage. On becoming the Stablecoins Ordinance it took effect on 1 August 2025, making the issuance of fiat-referenced stablecoins a regulated activity requiring an HKMA licence. The HKMA asked sufficiently prepared applicants to submit by 30 September 2025 and indicated the first licences would likely be granted in early 2026.
Within the DeFi Intel graph, Hong Kong Stablecoins Bill connects to 5 tracked entities, most strongly to Hong Kong, HKMA, HKMA Stablecoin Issuer Sandbox.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 5 of 5 total).
| Relation | Connected entity | Confidence |
|---|---|---|
governs | Hong Kong | 92% |
proposed_by | HKMA | 92% |
governs | HKMA Stablecoin Issuer Sandbox | 90% |
governs | HKMA Stablecoin Issuer License | 90% |
governs | FSB High-level Recommendations for Global Stablecoin Arrangements | 78% |
Frequently asked questions
When did Hong Kong's Legislative Council pass the Stablecoins Bill?
On 21 May 2025.
What does the bill regulate?
The issuance, offering and marketing of fiat-referenced stablecoins in Hong Kong, through a licensing regime administered by the HKMA.
When did the resulting regime take effect?
The Stablecoins Ordinance came into effect on 1 August 2025.
Sources
Facts on this page were verified against the following sources.