What Hong Kong Stablecoins Ordinance - Fiat-Referenced Stablecoin (FRS) Licensing Regime (May 2025) requires
The Hong Kong Stablecoins Ordinance was passed by the Legislative Council on 21 May 2025 and establishes a Hong Kong Monetary Authority (HKMA) licensing regime for issuers of fiat-referenced stablecoins (FRS) - including FRS pegged to Hong Kong dollars whether issued in or outside Hong Kong. Licensed issuers must maintain proper segregation of client assets, a robust stabilisation mechanism, redeem stablecoin holders at par value, comply with AML/CFT obligations, risk management protocols, disclosure and audit requirements, and meet fitness and propriety assessments. Only licensed institutions may offer FRS in Hong Kong; retail investors may receive FRS only from licensed issuers; only advertisements of licensed FRS issuance are allowed during implementation and the six-month non-contravention period. The HKMA is the designated Monetary Authority overseeing the regime and conducting further consultations on detailed requirements. Transitional arrangements apply to permit industry restructuring.
Pillar: Crypto & Sovereign Finance · Authority: Hong Kong Monetary Authority - Press Release on Passage of Stablecoins Ordinance, 21 May 2025 · Version: 1.0.1 · Last updated:
Primary source: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/05/20250521-3/
SHA-256 integrity: a5ba0804274f4ba6c2125a8d90e3e978b80d6c29f35c6676ded0532ad3fabda4
Primary Citations — 8 traced to source
- Hong Kong Stablecoins Ordinance - passed by Legislative Council on 21 May 2025
- HKMA Press Release, 21 May 2025 - Passage of Stablecoins Ordinance
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