On 6 December 2024, the Hong Kong government gazetted the Hong Kong Stablecoins Bill to introduce a regulatory regime governing the issue and offering of fiat-referenced stablecoins. Having received its first reading in Legco in December 2024, the Stablecoins Bill is expected to receive its second reading on 21 May 2025.
The Hong Kong Stablecoins Bill is the result of a public consultation process led by the Financial Services and Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) on proposals to regulate activities involving fiat-referenced stablecoins within the broader framework of virtual asset regulation. The bill reflects the FSTB and HKMA proposals set out in their July 2024 Legislative Proposal to Implement the Regulatory Regime for Stablecoin Issuers in Hong Kong and follow the HKMA’s launch of a stablecoin issuer sandbox in March 2024 to allow participants to test their stablecoin-related business models and technologies in a controlled environment.