Hong Kong is finalizing one of the world’s strictest stablecoin regimes and missing deadlines may mean jail.
🟠Aug 31, 2025 — new applicants must notify HKMA about plans to issue stablecoins
🟠Sept 30 — submit full application to join the “first wave”
🟠Oct 31 — deadline for existing issuers to apply, or face shutdown
🟠Nov 1 — “closing-down period” starts for non-compliant issuers
🟠Jan 31, 2026 — end of provisional status
🟠Feb 1 — illegal to issue or promote stablecoins without a license
🟠Penalties: up to 7 years in prison or $640k fine
🟠Fraud or fake license claims: up to 10 years in prison or $1m+ fine
Only HKMA-licensed firms, SFC-licensed platforms/brokers, and approved banks can operate.
