Hong Kong Stablecoins Bill regulation
Overview
Hong Kong's Legislative Council passed the Stablecoins Bill on 21 May 2025, establishing a licensing framework for issuers of fiat-referenced stablecoins. The legislation, which became the Stablecoins Ordinance on 1 August 2025, made such issuance a regulated activity requiring authorisation from the Hong Kong Monetary Authority. The bill's passage followed the HKMA's 2024 consultation and a sandbox for stablecoin issuers, and underwent amendments during its legislative journey. The HKMA set a 30 September 2025 deadline for sufficiently prepared applicants and indicated that initial licences would likely be awarded in early 2026.
Within The Counterparty graph, Hong Kong Stablecoins Bill connects to 5 tracked entities, most strongly to Hong Kong, HKMA, HKMA Stablecoin Issuer Sandbox.
Relations
Top connections in The Counterparty knowledge graph (confidence-weighted, 5 of 5 total).
| Relation | Connected entity | Confidence |
|---|---|---|
governs | Hong Kong | 92% |
proposed_by | HKMA | 92% |
governs | HKMA Stablecoin Issuer Sandbox | 90% |
governs | HKMA Stablecoin Issuer License | 90% |
governs | FSB High-level Recommendations for Global Stablecoin Arrangements | 78% |
Frequently asked questions
What is Hong Kong Stablecoins Bill?
Hong Kong Stablecoins Bill is a regulation tracked in The Counterparty knowledge graph. It is connected to 5 other tracked entities, most strongly to Hong Kong, HKMA, HKMA Stablecoin Issuer Sandbox.
What type of entity is Hong Kong Stablecoins Bill?
Hong Kong Stablecoins Bill is classified as a regulation (regulation) in The Counterparty knowledge graph.
What is Hong Kong Stablecoins Bill connected to?
In The Counterparty knowledge graph, Hong Kong Stablecoins Bill is linked to 5 other tracked entities, most strongly to Hong Kong, HKMA, HKMA Stablecoin Issuer Sandbox.
Sources
Facts in this record were checked against the following. Where a claim is not covered here, the record states only what the graph holds.