Authors: Kishore Bhindi, I-Ping Soong, Shirley Chan, Natalie Lam

The New Stablecoin Regime

The Stablecoins Ordinance (Cap. 656) came into effect on 1 August 2025, making Hong Kong one of the first jurisdictions globally to implement a comprehensive regulatory framework for certain stablecoin issuers. The new regime focuses on the licensing and supervision of fiat-referenced stablecoin issuers  by the Hong Kong Monetary Authority, but provisions within the SO give the HKMA the flexibility to bring other stablecoins into the regime in future. We look at some of the key features of this new regime, a welcome addition to Hong Kong’s digital asset ecosystem.