From August 1, 2025, companies issuing fiat‑backed stablecoins in or linked to Hong Kong must obtain a license from the Hong Kong Monetary Authority (HKMA).
One key rule: issuers have to maintain at least HK$25 million in paid‑up share capital (or equivalent). They also need to have full reserve backing of the stablecoins in circulation.
Issuers must also comply with strong regulations around anti‑money laundering (AML), customer due diligence, and transparent reserve asset management.
These regulation changes aim to protect consumers, prevent misuse, and make Hong Kong more competitive as a secure hub for digital assets. However, smaller issuers may face higher costs to meet the requirements.
