Overview

• The Stablecoins Ordinance takes effect on August 1, bringing all fiat-pegged tokens under HKMA licensing requirements.
• Preliminary licence applications are due by August 31, followed by formal submissions by September 30.
• The HKMA anticipates granting the first licences early in 2026, limiting the initial batch to just a handful of issuers.
• Issuers must fully back their tokens with high-quality liquid assets to ensure consumer protection and market stability.
• Stringent AML rules require verification of every stablecoin holder unless issuers demonstrate effective risk-mitigation measures.