according to the website - By Coincu
On July 19, sources reported that the Stablecoin Act in Hong Kong will come into effect on August 1, 2025, introducing a new licensing process.
This step by the regulator aims to ensure compliance in the stablecoin sector, affecting coins backed by fiat currencies.
Hong Kong introduces mandatory licensing for fiat-backed stablecoins
The Stablecoin Act in Hong Kong will come into effect on August 1, 2025. This step, taken by the Hong Kong Monetary Authority (HKMA), establishes a special licensing system under which issuers of fiat-backed stablecoins must be pre-approved before applying. Stablecoin licenses will not be granted freely; potential issuers will need to contact the HKMA in advance to confirm compliance with the requirements before submitting applications. Forms will only be issued to those who meet the core requirements. Stablecoins falling under the Regulation do not include native cryptocurrencies, except for those that are part of products tied to fiat currencies. The affected stablecoins include those pegged to fiat currencies such as the Hong Kong dollar and the US dollar, which will be subject to licensing. Retail availability of stablecoins will be limited to licensed issuers, while unlicensed offerings will still be available only to professional investors.
"The Regulation will be an important milestone in promoting the sustainable development of the stablecoin and digital asset ecosystem in Hong Kong." — Christopher Hui, Secretary for Financial Services and the Treasury.
Historical context, price data, and expert opinions
Historically, Hong Kong introduced a licensing regime for virtual asset platforms in June 2023, which significantly impacted compliance trends in the cryptocurrency exchange sector.
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