1

August

2025

HKMA indicates first stablecoin licences expected in March 2026

During a February 2, 2026 address to Hong Kong’s Legislative Council, the Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue said he expects the HKMA to issue its first stablecoin licences as early as March 2026. Yue said the HKMA would approve only “a very small number” of applicants in this initial phase. Under Hong Kong’s Stablecoins Ordinance, any entity issuing a fiat-referenced stablecoin in or from Hong Kong must obtain an HKMA licence and comply with ongoing prudential, governance, and financial crimes requirements as a condition of continued operation.

Although the HKMA exercises primary authority over stablecoin issuance and issuer supervision, trading and distribution activities remain subject to regulation by the Securities and Futures Commission under separate statutory regimes. Hong Kong is notable as the only jurisdiction under Chinese control that expressly permits and regulates stablecoins; stablecoin issuance and usage remain prohibited in mainland China.

Updated 02/02/2026.


Hong Kong (Regulatory)

History:

  • Feb 2, 2026: The Hong Kong Monetary Authority (HKMA) indicates it expects to issue the first stablecoin licences as early as March 2026. CNA Article on Eddie Yue Statement.
  • Aug 1, 2025: The Stablecoins Ordinance takes effect, and the Hong Kong Monetary Authority issues supervisory and AML/CFT guidance for licensed fiat-referenced stablecoin issuers. HKMA AML/CFT Guideline for Licensed Stablecoin Issuers.
  • May 21, 2025: The Hong Kong Legislative Council passes the Stablecoins Ordinance, granting the Hong Kong Monetary Authority (HKMA) sole licensing authority over fiat-referenced stablecoin issuers. Stablecoins Ordinance, Cap. 656.
See the HKMA Info Page
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Tom Momberg

+17186645458 tom.momberg@dlxlaw.com

Tom advises clients in an array of matters related to blockchain technology, decentralized finance, banking and payments systems, financial products, and financial technology applications. He joined DLx Law as an attorney after working as in-house counsel for a payments and banking software service provider, advising on various legal and regulatory matters, operations, risk, customer due diligence, and corporate best practices.

Tom received his J.D. from George Mason University Law School in Virginia and his B.A. from the University of Wisconsin-Milwaukee. Tom is a former journalist, and, while in law school, he interned for DLx Law and served as a law clerk for several federal institutions in Washington, D.C., including the CFTC, FCC, and House Judiciary Committee. Tom is admitted to practice law in the District of Columbia and the State of Oregon.

Angela Angelovska-Wilson

+12023651448 angela@dlxlaw.com

Angela is an early distributed ledger technology adopter and a leading authority in the evolving global legal and regulatory landscape surrounding distributed ledger technology and smart contracts. Prior to co-founding DLx Law, Angela served as the Chief Legal & Compliance Officer of Digital Asset and was part of the founding team.

Prior to joining Digital Asset, Angela was a partner at Reed Smith where she regularly advised clients on the implementation of new technologies to finance and the complex regulatory schemes involved in the development, creation, marketing, sale and servicing of various financial services and products. Before Reed Smith, Angela spent most of her career in various roles at Latham & Watkins, where she was recognized by The Legal 500 US among the top finance attorneys in the U.S.

Angela has a deep understanding of the Fin-Tech industry and in particular the distributed ledger industry, having been involved in a number of startups in various roles, as an employee, entrepreneur and advisor. In addition to DLx Law, Angela is also co-founder of Sila Inc., an innovative technology company.