FINANCE

Hong Kong Regulator Targets Early 2026 for First Stablecoin Licenses

Published: Jul. 30, 2025 4:26 a.m. GMT+8

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Stablecoins are a type of cryptocurrency designed to maintain a stable value by being pegged to a reserve asset. Photo: Bloomberg

Hong Kong will begin accepting applications for its first batch of stablecoin issuer licenses from Aug. 1 to Sept. 30, with regulators expecting to issue the first licenses in early 2026.

The Hong Kong Monetary Authority (HKMA) said every locally compliant stablecoin holder must undergo identity verification — a requirement aimed at reducing money laundering and financial crime risks.

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Hong Kong will accept stablecoin issuer license applications from Aug. 1 to Sept. 30, 2024, with first approvals expected in early 2026; applicants must hold at least HK$25 million in paid-up capital.
The HKMA will require real-name identity verification for all stablecoin holders to prevent money laundering, and released strict AML and sustainability standards.
Issuers already operating pre-August 1 get a six-month transition; promoting unlicensed stablecoins to the public will be illegal from Aug. 1.

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What Happened When

July 23, 2025：: HKMA chief executive Eddie Yue wrote about stablecoin regulation, emphasizing risk control and warning against speculation.

Tuesday, July 29, 2025：: HKMA held a technical briefing announcing the new stablecoin licensing regime and released new anti-money laundering and counter-terrorism financing guidelines for licensed stablecoin issuers.