Hong Kong's Stablecoin Ordinance will take effect, and the HKMA will strictly supervise to ensure the healthy development of the industry

According to the latest news, Hong Kong's Stablecoin Ordinance will officially take effect on August 1, 2025. In a recent public speech, Yu Weiwen, CEO of the Hong Kong Monetary Authority (HKMA), said that the ordinance sets strict regulatory standards for stablecoin issuers, and the regulatory requirements are almost parallel to those of e-wallets and banks. The introduction of this legislation aims to ensure the healthy development of the stablecoin industry while providing a clearer compliance framework for market participants.

Yu Weiwen pointed out that Hong Kong adheres to the principle of "compliance first" in regulation, and it is expected that the issuance of stablecoin issuance licenses in the first phase will be very limited. Only stablecoin projects that meet strict compliance standards can obtain regulatory approval. This measure is widely believed to lay a solid foundation for the standardization of Hong Kong's stablecoin market, while providing regulatory reference for stablecoin issuers in other regions.

According to the ordinance, approved stablecoins will be mainly used for specific purposes, such as cross-border trade and other scenarios. This policy direction clarifies Hong Kong's competitiveness in the global digital payment and cross-border financial fields, while providing institutional guarantees for the widespread use of stablecoins. Yu Weiwen emphasized that the regulations not only put forward clear requirements for risk management, asset reserves and stabilization mechanisms, but also strengthened the supervision of anti-money laundering (AML) and counter-terrorist financing (CFT) to ensure the security and compliance of stablecoins.

As one of the global financial centers, Hong Kong's continuous innovation in digital assets and blockchain technology in recent years has laid the foundation for it to become an important hub for international stablecoins and digital financial markets. With the introduction of the Stablecoin Ordinance, Hong Kong has further strengthened its leading position in the global digital currency regulatory landscape and is expected to usher in new development opportunities in multiple fields such as cross-border payments and financial innovation.