Finance
3 min
Hong Kong Stablecoin Licences: What the HKMA Regime Actually Confirms
Hong Kong has a live stablecoin-issuer licensing regime. That does not make every bank announcement a licence, every stablecoin an HKMA-authorised product, or every token a low-risk payment instrument.
CL
CryptoLV EditorialEditorial team
·3 min read
Review and sources
Reviewed 2026-08-13 by CryptoLV Editorial. Next review: 2026-11-13.
- HKMA Annual Report: stablecoin issuer regime opens in a new tab
Supports: The HKMA says the Stablecoins Ordinance took effect on August 1, 2025, applications began that month, and its first batch of two licensed issuers was announced in April 2026.
- HKMA: transitional provisions for pre-existing issuers opens in a new tab
Supports: The HKMA explains which fiat-referenced stablecoin issuance or marketing activities need a licence under the Stablecoins Ordinance and how transitional arrangements work.
- HKMA: supervision of licensed stablecoin issuers opens in a new tab
Supports: The HKMA supervision guideline sets regulatory expectations for licensed stablecoin issuers; a licence should be verified against HKMA records rather than a company announcement.
