The Hong Kong administration has announced that it has received license inquiries from over 40 companies for stablecoin operations. The Stablecoin Ordinance will come into effect on August 1, 2025.
On New Stablecoin Licenses
The Stablecoin Ordinance (CAP. 656) was passed on May 21, 2025, regulating fiat references to stablecoin issuance. It establishes a comprehensive framework for stablecoin issuance and other related activities.
Licensing Requirements
To obtain a license from the Hong Kong Monetary Authority (HKMA), an applicant must hold high-quality, liquid reserve assets equal to or exceeding the par value of issued stablecoins. A non-bank issuer needs a minimum paid-up capital of HK$25 million or 1% of the par value of issued stablecoins, whichever is higher. Licensees must ensure redemptions at face value and implement anti-money laundering systems.
Global Trends in Stablecoins
The demand for stablecoins is growing due to the expansion of the decentralized finance (DeFi) market, establishing them as an important medium of exchange. Regulations in jurisdictions such as the European Union, Singapore, and Japan reduce uncertainty and stimulate institutional participation. Hong Kong and Thailand are creating sandboxes for testing models under regulatory oversight. According to CoinMarketCap, the total market capitalization of stablecoins is $259,986,170,208.
Hong Kong represents an important hub for the development of stablecoin ecosystems, with upcoming regulatory changes potentially attracting new market participants.
