Overview

• The HKMA’s new regime, effective August 1, requires all issuers of HKD- or USD-pegged stablecoins to maintain full reserves, segregate client funds and comply with anti-money laundering and fit-and-proper standards.
• Prospective issuers must signal intent by August 31 and submit full licence applications by September 30, with at least HK$25 million in paid-up share capital as a mandatory entry bar.
• Only a “handful” of licences will be granted in the first wave, as the HKMA seeks to balance digital-asset innovation with financial stability ahead of approvals in early 2026.
• Major corporations such as JD.com, Standard Chartered and Ant Group have indicated plans to apply while at least ten listed fintech firms have raised roughly $1.5 billion to back stablecoin and crypto initiatives.
• Analysts warn that high compliance costs and capital thresholds may concentrate market power among large incumbents and deter smaller innovators.