The Hong Kong Monetary Authority (HKMA) has published the Guideline on Supervision of Stablecoin Issuers setting out how stablecoin issuers licensed by the HKMA (HKMA-licensed Stablecoin Issuers) under the Stablecoins Ordinance (Cap. 656) (Hong Kong Stablecoins Ordinance) can comply with the ongoing licensing criteria under Schedule 2 of the Ordinance. It has also published a Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (for Licensed Stablecoin Issuers) (HKMA AML/CFT Guideline) detailing the anti-money laundering (AML) and counter-financing of terrorism (CFT) obligations of HKMA-licensed Stablecoin Issuers and their obligation to comply with the travel rule when transferring stablecoins which are the subject of a separate Charltons’ newsletter.
For details of the licensing regime for stablecoin issuers and the requirements for offering stablecoins in Hong Kong under the Hong Kong Stablecoins Ordinance, please refer to our April newsletter, “Hong Kong Stablecoin Regulation”. The contents of the new guidelines were the subject of HKMA consultations conducted from May to June this year.
The HKMA has additionally issued: (i) an Explanatory Note on Licensing for Stablecoin Issuers setting out guidance on the licensing regime and licensing procedures and (ii) an Explanatory Note on Transitional Provisions for Pre-existing Issuers with guidance for stablecoin issuers that operated in Hong Kong before the new regime took effect on 1 August 2025.