Hong Kong is shaping the future of digital finance with stringent regulations on stablecoin, aiming to become Asia's leading cryptocurrency hub.

The new stablecoin law requires issuers to be licensed by HKMA, ensuring transparency, safety, and strict governance, promoting sustainable market development.

MAIN CONTENT

  • Hong Kong implements the stablecoin law with strict licensing requirements.

  • The stablecoin issuance license is expected to be granted from early 2026.

  • The fintech ecosystem in Hong Kong raised over 1.5 billion USD in July, focusing on blockchain technology and digital payments.

What regulations does Hong Kong apply to stablecoins?

HKMA has issued a detailed licensing framework for stablecoin issuers, including standards for capital, fund management, KYC, fiat reserves, and corporate governance.

The new law requires stablecoins to be fully backed by fiat currency held in licensed banks, while ensuring real-time transparency and implementing strict anti-money laundering measures. HKMA is cautious, emphasizing that it will only license businesses with sustainable business plans, avoiding projects based solely on market hype.

“We will only license a limited number of stablecoin issuers to protect users and ensure a strong market.”
Ruth Wong, Director of HKMA, 7/2025

When is the stablecoin issuance license expected to be granted?

According to information from HKMA, the first licensing round is expected to be implemented in early 2026 instead of 2025 as initially predicted.

Currently, no licenses have been granted, however, HKMA is open for early consultations from registrants until August 31 and will accept official applications until September 30. The process is being conducted slowly to ensure the safety and long-term sustainability of the stablecoin market.

How does the fintech ecosystem in Hong Kong raise funds?

In July 2025, public fintech companies in Hong Kong raised a total of over 1.5 billion USD, marking a strong acceleration as the new stablecoin law began to take effect.

For example, OSL successfully raised 300 million USD in just three days, attracting major investors such as hedge funds and sovereign wealth funds. Other companies like Dmall and SenseTime have also invested significantly in the digital payment and blockchain ecosystem. The payment startup Kun received 50 million USD in funding in July, showing vibrancy in both the public and private markets.

How is stablecoin applied beyond trading?

More and more businesses see stablecoin not only as a trading asset but also as a payment tool, international money transfer, and efficient cross-border remittance.

However, the market is currently facing strong competition in the payment sector in Hong Kong, while high licensing and compliance costs make it difficult for small startups to participate. Some experts suggest that there needs to be flexibility in adjusting the rules to promote true innovation in the industry.

“If the balance between regulation and innovation is right, Hong Kong can shape the global cryptocurrency industry in a new phase.”
Tony Chu, digital finance expert, 8/2025

Frequently Asked Questions

What are the stablecoin regulations in Hong Kong?

The new law requires stablecoins to be 100% backed by fiat currency held in licensed banks, while issuers must comply with KYC standards and strict governance as regulated by HKMA.

When will the first stablecoin issuance license be granted?

HKMA plans to grant the first license in early 2026, with the registration window open until the end of September 2025 to ensure a careful and transparent evaluation process.

How much capital is currently raised in the fintech ecosystem in Hong Kong?

In July 2025 alone, fintech companies in Hong Kong raised over 1.5 billion USD, focusing on blockchain, digital payments, and real asset tokenization projects.

In which fields is stablecoin applied in Hong Kong?

Stablecoin is not only used as an investment asset or for trading but also applied in payments, international money transfers, and cross-border remittance solutions, promoting digital finance.

Are there any difficulties for startups when entering the Hong Kong stablecoin market?

The high licensing costs and strict compliance requirements are significant barriers for small startups, along with fierce competition in the current digital payment sector in Hong Kong.

Source: https://tintucbitcoin.com/hong-kong-siet-quy-dinh-stablecoin-moi/

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