FINANCE

Hong Kong on Track to Issue First Stablecoin Licenses in Early 2026

Published: Sep. 30, 2025 4:31 p.m. GMT+8

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Hong Kong expects to issue its first batch of licenses for stablecoin issuers in early 2026, sticking to its original timetable, the city’s financial chief told Caixin in an interview.

The application window for the first licenses opened on Aug. 1 and closed on Sept. 30, following the enactment of the city’s Stablecoins Ordinance on Aug. 1.

Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, said in the Sept. 29 interview that the process is proceeding as planned.

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This is an AI-generated English rendering of original reporting or commentary published by Caixin Media. In the event of any discrepancies, the Chinese version shall prevail.

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Hong Kong will issue its first stablecoin licenses in early 2026, following a regulatory framework established in August 2024.
The initial licensing focuses on Hong Kong dollar-pegged stablecoins, with legal provisions also allowing other fiat currency pegs.
The strategy is part of Hong Kong’s broader push to become a regulated global hub for digital assets, including NFTs and the e-HKD.

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What Happened When

October 2022：: Hong Kong officially laid out its digital asset ambitions in a policy statement.

By June 2025：: Financial Services and the Treasury Bureau issued a second policy statement, outlining an expanded regulatory framework.

August 1, 2025：: Enactment of Hong Kong's Stablecoins Ordinance, and the application window for the first stablecoin issuer licenses opens.

September 29, 2025：: Christopher Hui, Secretary for Financial Services and the Treasury, confirms in an interview that the licensing process is proceeding as planned.

September 30, 2025：: Application window for the first stablecoin issuer licenses closes.

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