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Hong Kong Monetary Authority Lists Details of Stablecoin Regulatory Regime and Announces Register of Licensed Stablecoin Issuers
(Translated by AI)
Jul 31, 2025

The Hong Kong Monetary Authority's official website has updated information stating that with the implementation of the stablecoin issuer regulatory system under the "Stablecoin Ordinance" on August 1, 2025, the business of issuing fiat-referenced stablecoins will become a regulated activity requiring a license. Therefore, it lists the relevant details of the regulatory system, including: the licensing system for stablecoin issuers, the supervision of licensed stablecoin issuers, and the register of licensed stablecoin issuers. It is reported that the register of licensed stablecoin issuers contains the names and basic information of licensed stablecoin issuers, and the public can obtain the latest list of licensed institutions through the register. Currently, there are no licensed stablecoin issuers, and the relevant list will be updated in due course.

[Odaily]
Source
Odaily:Hong Kong Monetary Authority Lists Details of Stablecoin Regulatory Regime and Announces Register of Licensed Stablecoin Issuers
ChainCatcher:Hong Kong Monetary Authority Announces Licensed Stablecoin Issuer Record, No Issuers Yet
BlockBeats:The Hong Kong Monetary Authority's official website has launched a register of licensed stablecoin issuers, but there are currently no issuers listed.
律动:The Hong Kong Monetary Authority (HKMA) has launched a register of licensed stablecoin issuers on its official website, but there are currently no issuers listed.
BlockBeats:The Hong Kong Monetary Authority (HKMA) website has launched a Licensed Stablecoin Issuer Register, but there are currently no issuers listed.
ForesightNews:The Hong Kong Monetary Authority (HKMA) has launched a register of licensed stablecoin issuers on its official website, but there are currently no issuers listed.
TechFlow:Hong Kong Monetary Authority Lists Details of Stablecoin Regulatory Regime and Announces Register of Licensed Stablecoin Issuers
吴说:Hong Kong's Deputy Secretary for Justice, Cheung Kwok-kwan: "The Stablecoin Ordinance" is based on three pillars: a licensing system, asset reserve management, and conduct regulation.
律动:Hong Kong Department of Justice: The significance of the "Stablecoin Ordinance" lies in supporting the orderly and healthy development of Hong Kong's stablecoin market.
BlockBeats:Hong Kong Department of Justice: The significance of the "Stablecoin Regulation" lies in supporting the orderly and healthy development of the Hong Kong stablecoin market
Odaily:Hong Kong's Deputy Secretary for Justice: Stablecoin regulations will create a trustworthy market environment with three major pillars
TechFlow:Hong Kong's Deputy Secretary for Justice: "Stablecoin Ordinance" builds a credible market environment with three pillars
MetaEra:Hong Kong Licensed Stablecoin Regulatory Guidelines Require Issuers to Strengthen VPN Risk Management
PANews:Hong Kong's regulatory guidelines for licensed stablecoins require issuers to strengthen VPN risk management
Odaily:Hong Kong's "Stablecoin Ordinance" has a global demonstration effect and is expected to accelerate the construction of a local stablecoin ecosystem.
吴说:Song Ke, Executive Vice President of Renmin University of China Shenzhen Research Institute: Hong Kong dollar stablecoins provide more possibilities for the cross-border application of the digital RMB
MetaEra:Song Ke, Executive Vice President of Renmin University of China Shenzhen Research Institute: Hong Kong dollar stablecoins provide more possibilities for the cross-border application of the digital RMB.
TechFlow:Song Ke, Executive Vice President of Renmin University of China Shenzhen Research Institute: Hong Kong dollar stablecoins provide more possibilities for the cross-border application of the digital RMB.
PANews:Song Ke, Executive Vice President of the Shenzhen Research Institute of Renmin University of China: Hong Kong dollar stablecoin provides more possibilities for the cross-border application of digital assets
BlockBeats:Hong Kong's "Stablecoin Regulation": Issuers must implement controls to prevent users from using VPN during identity verification
BlockBeats:Hong Kong's "Stablecoin Ordinance": Issuers need to implement controls to prevent users from using VPNs for identity verification.
律动:Hong Kong's "Stablecoin Ordinance": Issuers Need to Implement Controls to Prevent Users from Using VPNs in Identity Authentication
ForesightNews:Hong Kong Monetary Authority: Stablecoin issuers need to "identify and block" customers from using VPNs
Odaily:Hong Kong Monetary Authority: Stablecoin issuers need to "identify and block" customers using VPNs
TechFlow:Hong Kong Monetary Authority: Stablecoin issuers need to "identify and block" customers using VPNs
MetaEra:Hong Kong Legislative Council Stablecoin Ordinance Legal Advisor Faith: Stablecoin issuers need to bear regulatory obligations at the level of financial institutions
MetaEra:Paul Chan: Only a single-digit number of stablecoin licenses will be approved initially.
PANews:Hong Kong to begin 6-month transition period for new stablecoin rules
吴说:Hong Kong Monetary Authority: First batch of stablecoin licenses to open for applications in August-September, stricter KYC to be implemented for holders
BlockBeats:Here's What You Need to Know About Hong Kong's Stablecoin Policy Launch
TechFlow:CITIC Securities: Domestic enterprises should obtain permission from relevant regulatory authorities before applying for a Hong Kong stablecoin issuer license.
MetaEra:Wu Jie Zhuang explained regarding "Hong Kong compliant stablecoin holders' identities need to be real-name verified": The Hong Kong Monetary Authority will implement KYC rules, but the specific plan will be submitted by the stablecoin issuer.
PANews:Wu Jiezhuang: The specific plan for Hong Kong's stablecoin KYC rules will be proposed by the stablecoin issuer and will only need to be approved by the HKMA.
Odaily:Wu Jiezhuang: The Hong Kong Monetary Authority will implement stablecoin KYC rules, but the specific plan will be submitted by the stablecoin issuer.
MetaEra:Ng Kit-chong: The Hong Kong Monetary Authority will implement stablecoin KYC rules, but the specific plan will be submitted by the stablecoin issuer.
律动:Kenneth Ng explains "Hong Kong compliant stablecoin holders must be identified with their real names": The HKMA will implement KYC rules, but the specific plan will be submitted by the stablecoin issuer.
ForesightNews:Hong Kong Monetary Authority: Initial holders of compliant stablecoins in Hong Kong must have verified identities
Odaily:Hong Kong Monetary Authority: Initial holders of compliant stablecoins in Hong Kong must have verified identities
BlockBeats:Hong Kong Monetary Authority: Initial holders of compliant stablecoins in Hong Kong must have their identities verified.
律动:Hong Kong Monetary Authority: Initial holders of compliant stablecoins in Hong Kong must have their identities verified.
BlockBeats:Hong Kong Monetary Authority: Initial Hong Kong Compliance Stablecoin Holder Identity Verification Required
MetaEra:Hong Kong stablecoin initial holders must have their identities verified, with regulations potentially being relaxed later.
TechFlow:Hong Kong stablecoin initial holders must have their identities verified, with regulations potentially being relaxed later.
ChainCatcher:Hong Kong Monetary Authority: Applications for a basket of fiat-backed stablecoins are possible, with the first license possibly issued early next year.
吴说:Hong Kong Monetary Authority Deputy Chief Executive: The threshold for the first stablecoin issuer license application is "very high," and entering the "sandbox test" does not guarantee approval.
TechFlow:Hong Kong Monetary Authority: First stablecoin license may be issued in early next year; entering sandbox testing does not guarantee license approval
BlockBeats:Hong Kong Monetary Authority: Takes an Open Attitude Towards Stablecoin Fiat Currency Pegs, Issuer Licensing Threshold Is High
BlockBeats:Hong Kong Monetary Authority: Open to stablecoin fiat currency types, issuer license threshold is very high
律动:Hong Kong Monetary Authority: Open to fiat currency stablecoins, but the threshold for issuer licenses is very high.
ForesightNews:Hong Kong Monetary Authority: Applications for a basket of fiat-backed stablecoins are possible, with the first license possibly issued early next year.
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