Overview

• Regulator SFC announced a three-year extension for CEO Julia Leung, keeping her in the role until the end of 2028.
• Hong Kong’s stablecoin ordinance took effect on August 1, 2025, placing fiat-referenced issuers under HKMA licensing and full‑reserve requirements with added over‑collateralization.
• The application window for stablecoin licenses closed on September 30, 2025, with initial approvals expected in early 2026.
• The SFC and HKMA issued a joint August statement cautioning investors about volatile moves in stablecoin-linked assets and warning against unsubstantiated social‑media claims.
• Leung, the SFC’s first female CEO since January 2023, has overseen major digital‑asset rules intended to balance market development with investor protection.