HKMA Consultations on Obligations of HKMA-Licensed Stablecoin Issuers

The Hong Kong Monetary Authority (HKMA) issued consultation papers on 26 May 2025 on the ongoing obligations, including in respect of anti-money laundering (AML) and counter-financing of terrorism (CFT), of fiat-referenced stablecoin issuers licensed by the HKMA (HKMA-licensed Stablecoin Issuers) under the recently passed Stablecoins Ordinance (Cap. 656 of the laws of Hong Kong) (Hong Kong Stablecoins Ordinance) which will take effect on 1 August 2025.¹ For details of the Hong Kong stablecoin regime under the Stablecoins Ordinance, please see our April newsletter “Hong Kong Stablecoin Regulation”.

The HKMA’s proposed requirements for HKMA-licensed Stablecoin Issuers were set out in two consultation papers published on 26 May 2025:

• HKMA Consultation on the Draft Guideline on Supervision of Licensed Stablecoin Issuers (HKMA Stablecoins Guideline Consultation) which sets out how the HKMA expects HKMA-licensed Stablecoin Issuers to comply with the requirements of Schedule 2 to the Hong Kong Stablecoins Ordinance (Schedule 2 SO); and

• HKMA Consultation Paper on the Proposed AML/CFT Requirements for Regulated Stablecoin Activities (HKMA Stablecoins AML/CFT Consultation Paper) which consults on the proposed AML and CFT obligations of HKMA-licensed Stablecoin Issuers under the HKMA’s proposed Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Stablecoin Issuers) (HKMA AML/CFT Guideline), set out in the Consultation Paper’s Annex.

The consultation period for both consultations ended on 30 June 2025.