Global Stablecoin Regulation
Hong Kong operates a clear licensing regime for fiat-referenced stablecoins. The Stablecoins Ordinance (Cap. 656) commenced on 1 August 2025 and requires HKMA licences for issuers making public offers in Hong Kong. The SFC regulates virtual-asset trading platforms (VATPs), and the FSTB coordinated policy and the bill. On 10 April 2026, the HKMA granted Hong Kong's first two stablecoin issuer licences: to Anchorpoint Financial Limited (a joint venture of Standard Chartered Bank (HK), HKT, and Animoca Brands) and to HSBC. Both intend to launch stablecoin products in H2 2026.
Legal Status
Legal with restrictions
Regularity Clarity
5/5
Regime Status
In-Force
Allowed Types
Fiat Referenced
Classification
Payment Instrument
Distinct statutory category for "specified stablecoins" under Cap. 656.
Regulatory Authorities
Consumer Protection
Reserve Requirements
1:1 reserve assets equal to or exceeding outstanding stablecoins; eligible HQLA; segregated; currency-matching to the referenced currency, with an HKD/USD exception for HKD-pegged coins.
Auditing
Independent reserve attestations at an HKMA-agreed frequency, weekly public updates of reserve composition/values, and an annual audit; HKMA can require additional reporting.
Redemption Rights
Par redemption rights; issuers must process within one business day unless the HKMA permits otherwise; fees must be reasonable.
