- The Hong Kong Monetary Authority (HKMA) has published a detailed set of regulations that would guide the issuing of stablecoin within the nation.
- Authorities have warned issuers against making misleading claims.
Hong Kong has come out with a new list of regulations to put in place as the regulatory licenses scheduled for August 1st come closer. On the 7th of July, the Secretary for the Treasury and Financial Services within the country, Christopher Hui, shared an interview with a local newspaper, sharing that there would be a possible license for the adoption of a stablecoin pegged to the Hong Kong dollar.
Hong Kong Supplementary Rules Guiding the August 1st Stablecoin Licensing
Earlier today, the Hong Kong Monetary Authority (HKMA) shared a post on its official website containing a comprehensive regulatory framework for stablecoin users. According to the details shared, it emphasized more on the new “regime” that would likely start by August 1st.
The regime would bring about full licensing for stablecoin issuers, including a series of detailed guidelines that help to address both operational supervision and other anti-money laundering (AML) compliance. Some of the highlighted guideline documents shared involve the Guideline on Supervision of Licensed Stablecoin Issuers and the Guideline that helps providers on Anti-Money Laundering and Counter-Financing of Terrorism.
To help providers and make the transition process easier, the HKMA also simultaneously released a set of clear guides that explain how to apply for a stablecoin license, who qualifies, and what other existing issuers need to do to comply. All issuers must follow the new Stablecoins Ordinance and its rules
Also Read: Ghana Plans Cryptocurrency Regulation to Boost Stability by 2025: Report
Even though applications will remain open, the HKMA has made it clear to all interested companies that they should act early, and interested firms should express interest by August 31st, 2025, and those ready to apply should submit their full application by September 30, 2025, to be part of the first batch reviewed.
Conclusively, the HKMA warned against making false claims. And it says that anyone who lies about being licensed or even being in the process of applying will be breaking the law under the new stablecoin rules.
Also Read: U.S. Crypto Regulation Breakthrough: Key Bills and Tariffs in Play
