HKMA Finalizes Stablecoin Regulations Ahead of Aug. 1 Rollout
The Hong Kong Monetary Authority (HKMA) has finalized its regulatory framework for stablecoin issuers, releasing two comprehensive sets of guidelines that will come into force on August 1, 2025. These rules aim to bring greater oversight to Hong Kong’s crypto ecosystem amid growing global scrutiny of stable digital assets.
What’s in the New Stablecoin Framework?
On Tuesday, the HKMA released the following finalized documents:
- Licensing and supervisory framework for stablecoin issuers
- AML and CTF requirements for licensed issuers
A new public registry of licensed stablecoin issuers will also be launched to increase transparency. “The public may refer to the register on the HKMA’s website,” the regulator noted.
⚠️ No Licenses Issued Yet
Despite the formal launch, no stablecoin licenses have been issued to date. The HKMA cautioned against false claims:
“The public should stay vigilant and be wary of any individuals or entities claiming to be licensed or regulated,” it said.
The HKMA further warned that holding or trading unlicensed stablecoins would be at one’s own risk.
HKMA Aims to Cool Market Hype
HKMA Chief Executive Eddie Yue addressed the recent surge in market interest, noting that:
- Many license applications were vague or lacked realistic execution plans
- Some applicants lacked sufficient technical expertise
- The market was experiencing “unjustified” trading volume and stock surges
Only a select number of licenses will be issued at first. The HKMA urged interested parties to initiate contact by Aug. 1 and submit full applications by Sept. 30 to be considered in the first approval round.
Stablecoin Scams in Shenzhen
Meanwhile in Shenzhen, officials issued warnings about illegal stablecoin schemes. On July 7, authorities reported that unlicensed groups were misleading investors with deceptive crypto offerings.
The city’s task force against financial crimes emphasized the public’s limited knowledge of stablecoins is being exploited.
📊 Data Snapshot
| Regulation Item | Details |
|---|---|
| Effective Date | August 1, 2025 |
| License Application Deadline | September 30, 2025 |
| Registry Launch | August 1, 2025 (on HKMA website) |
| Licensed Issuers (as of now) | 0 |
| Common Application Issues | Vague plans, technical inexperience |
| Public Warning Issued | Yes – against unlicensed or fake claims |
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