Regulation · Regime · Hong Kong · Primary legislation · Hong Kong Monetary Authority
Hong Kong Stablecoins Ordinance (Cap. 656)
Hong Kong's licensing regime for fiat-referenced stablecoin issuers, supervised by the HKMA. A licence is needed to issue a specified stablecoin in Hong Kong, or anywhere if it references the Hong Kong dollar. Issuers must hold fully backed, segregated, high-quality reserves, redeem at par promptly and hold at least HKD 25 million in capital; only licensed issuers' coins may be offered through permitted channels. The first two licences went to Anchorpoint Financial and HSBC in April 2026, and the HKMA expects to keep the number very limited.
In force · effective 1 Aug 2025
Key points
- A licence is needed to issue a specified stablecoin in Hong Kong, or to issue one outside Hong Kong that references the Hong Kong dollar.[1]
- Each stablecoin type needs its own segregated pool of high-quality, liquid reserve assets worth at least the par value of coins in circulation at all times.[1]
- Valid redemption requests must be met at par without unreasonable fees, normally within one business day.[1]
- Applicants need paid-up share capital of at least HKD 25 million or approved equivalent financial resources.[1]
- Only licensees, banks, licensed stored value facilities, SFC-licensed virtual asset platforms and Type 1 licensed corporations may offer licensed stablecoins.[1]
What it covers
Timeline
- 21 May 2025 · FinalLegislative Council passes the Stablecoins Bill.[2]
- 1 Aug 2025 · In forceRegime takes effect with HKMA supervisory and AML guidelines.[3]
- 30 Sep 2025 · ConsultationDeadline for the first batch of licence applications (36 received).[4]
- 10 Apr 2026 · In forceFirst two issuer licences granted.[4]
Permissions granted under it
- HKMA stablecoin issuer licences FRS01 (Anchorpoint Financial) and FRS02 (HSBC)Anchorpoint Financial, HSBC
Deployments operating under it
| Deployment | Status | Assets | Use cases | Last reviewed |
|---|---|---|---|---|
| Anchorpoint HKDAP Hong Kong dollar stablecoinUpdated 8 Nov 2026 Anchorpoint Financial | Live (limited) | Reviewed 21d ago | ||
| HSBC RedCoin Hong Kong dollar stablecoinNew HSBC | Live (limited) | Reviewed 13d ago |
Likely relevant to
| Deployment | Status | Assets | Use cases | Last reviewed |
|---|---|---|---|---|
| USDGO stablecoinUpdated 7 Nov 2026 Anchorage Digital stablecoin issuance | Live (limited) | Reviewed 25d ago | ||
| First Digital USD (FDUSD)Updated 7 Nov 2026 First Digital | Live (scaled) | Reviewed 25d ago |
Sources
- [1]Stablecoins Ordinance: Explanatory Note on Licensing of Stablecoin Issuers — Hong Kong Monetary Authority, Jul 2025. Accessed 12 Oct 2026.A
- [2]Regulatory Regime for Stablecoin Issuers — Hong Kong Monetary Authority. Accessed 12 Oct 2026.A
- [3]Implementation of regulatory regime for stablecoin issuers — Hong Kong Monetary Authority, 29 Jul 2025. Accessed 12 Oct 2026.A
- [4]Granting of stablecoin issuer licences — Hong Kong Monetary Authority, 10 Apr 2026. Accessed 12 Oct 2026.A
- [5]Register of Licensees under the Stablecoins Ordinance (Cap. 656) — Hong Kong Monetary Authority. Accessed 12 Oct 2026.A