HKMA Publishes Guideline for Stablecoin Issuers Can Submit Applications by September 30 or Earlier

July 29, the Hong Kong Monetary Authority (HKMA) published a set of guidelines related to the licensing regime for stablecoin issuers effective August 1, 2025, including the "Guideline on Licensed Stablecoin Issuers" and "Guideline on Combating Money Laundering and Terrorist Financing (for Licensed Stablecoin Issuers)" as well as a summary of consultation. The two guidelines will be gazetted on August 1, 2025.

The HKMA stated that the licensing process would be ongoing, and individual institutions could submit their applications by September 30, 2025 (Tuesday) or earlier if they were deemed ready.

The HKMA reminded market participants to exercise caution when communicating with the public, avoiding any statements that may be misinterpreted or create unrealistic expectations. Under the "Stablecoin Ordinance", making false claims about being a licensed issuer or applicant is illegal.

As of July 29, the HKMA had not issued any licenses. The public can refer to the HKMA's website for information on licensed stablecoin issuers in the future. The public should exercise vigilance against anyone claiming to be a licensed stablecoin issuer or applicant in Hong Kong and be aware that unlicensed stablecoins are at their own risk.