Hong Kong's Stablecoin Ordinance will officially take effect on August 1, 2025, taking a key step in digital asset regulation

The Hong Kong Special Administrative Region Government officially published the Stablecoin Ordinance (Effective Date) Notice in the Gazette today (June 6), clearly setting August 1, 2025 as the official implementation date of the Stablecoin Ordinance (Chapter 656). This move marks a milestone in Hong Kong's digital asset regulation.

According to the announcement, the Ordinance will establish a licensing system for stablecoin-related activities and set compliance requirements for key links such as issuance, custody, and circulation. The coverage covers stablecoin projects denominated in Hong Kong dollars or other legal currencies and claiming to be pegged to legal currencies.

Secretary for Financial Services and the Treasury Christopher Hui said: "After the Ordinance comes into effect, the licensing system will provide appropriate regulations for related stablecoin activities, which is an important milestone in promoting the sustainable development of Hong Kong's stablecoin and digital asset ecosystem." He emphasized that Hong Kong is committed to actively promoting financial technology innovation and Web3 development on the premise of ensuring financial security and stability.

Over the past year, Hong Kong has made frequent moves in digital asset policies, from allowing virtual asset exchanges to issue licenses and open retail transactions, to promoting professional investors to trade crypto derivatives, and then to the implementation of stablecoin legislation. It has gradually established a multi-level, internationally competitive compliance framework.

With the implementation of the Stablecoin Ordinance, the market expects that more stablecoin projects will apply to register and operate in Hong Kong, especially in the exploration of HKD-backed stablecoins and RMB offshore stablecoins. Relevant companies and institutions may usher in policy dividends.

This development will not only help enhance Hong Kong's position as Asia's virtual asset hub, but may also promote Hong Kong to play a greater role in cross-border payments, trade settlements, Web3 infrastructure and other fields, and build a forward-looking digital economic ecosystem.