Industry Updates

Passage of the Stablecoins Bill 

The Legislative Council approved the Bill in May, establishing a licensing regime for issuers of fiat-referenced stablecoins. This marks a key milestone in the city’s digital asset regulatory framework.

HKMA Consultation on Stablecoin Regulation 

The Hong Kong Monetary Authority (HKMA) issued a draft “Guideline for Licensed Stablecoin Issuers” and a consultation paper on AML/CFT requirements for stablecoins, with the consultation closing at the end of June.

Publication of “Policy Statement 2.0” 

 The Government released the second edition of its policy statement on virtual assets, reaffirming Hong Kong’s ambition to become a global hub for digital asset innovation. It outlined the new licensing regime, together with the LEAP framework (Law, Economy, Application, People).

HKMA Opens Stablecoin Licence Applications 

 The Stablecoins Ordinance is scheduled to come into effect on 1 August. In June, the HKMA announced it had begun accepting licence applications to prepare for formal issuance.

FSTB and SFC Joint Consultation 

 On 27 June, the Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) launched a public consultation on licensing regimes for virtual asset trading and custody services, open until 29 August.