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Hong Kong: Stablecoins & Digital Money

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Hong Kong's Stablecoins Ordinance (Cap. 656) has been in force since 1 August 2025; HKMA moved from framework to execution, granting its first two issuer licences (HSBC; Anchorpoint Financial) on 10 April 2026 out of 36 applicants.

Horizon · 2026-H2 (± six months)HSBC PayMe-integrated HKD stablecoin launch (FRS02)Adopted, not yet in force · Tier 3 source
Horizon · 2026-Q2 (± a quarter)Anchorpoint Financial phased HKDAP stablecoin rollout (FRS01)Adopted, not yet in force · Tier 3 source
Horizon · 2026-Q4 (± a quarter)HKMA CBDC settlement / 24-7 operations under EnsembleTXProposed · Tier 1 source
Standing sub-brief · as of 4 July 2026245 words · last cycle 2026-06-28

Stablecoins & Digital Money

The Stablecoins Ordinance (Cap. 656) commenced 1 August 2025, making issuance of fiat-referenced stablecoins (FRS) a licensed activity supervised by the HKMA. Core requirements are HK$25m paid-up capital, 100% over-collateralised backing in segregated high-quality liquid reserves, par-value redemption within one business day, and an AML/CFT guideline. HKD-referenced FRS are caught even when issued outside Hong Kong, while bank deposits, securities, SVF balances and CBDCs are excluded. Unlicensed activity risks fines up to HK$5m and seven years' imprisonment. This is a dedicated, in-force FRS regime distinct from MiCA's EMT/ART categories and is one of the first comprehensive standalone stablecoin frameworks in APAC. The holder's absolute right to redeem at par within one business day, backed by segregated high-quality liquid reserves, is the central protection.

no periodic updates on record for this sub-brief

Sources and findings (4)
  1. T1https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stablecoin-issuers/retrieved
  2. T1HKMA — Stablecoins Ordinance (eff. 1 Aug 2025; LegCo 21 May 2025); FRS licensing (hkma.gov.hk)
  3. T1SFC — VATP licensing under SFO Cap.571 & AMLO Cap.615 (sfc.hk)
  4. T1HKMA — Stablecoins Ordinance: first FRS licences; HK$25m capital, reserve/redemption (hkma.gov.hk)