Hong Kong grants its first stablecoin issuer licences

Country reference

• Country: Hong Kong (planned expansion country)
• Authorities: Hong Kong Monetary Authority (HKMA); FSTB
• Topic: Licensing of fiat-referenced stablecoin issuers
• Key date: First licences April 2026; regime since August 2025
• Law: Stablecoins Ordinance (Cap. 656)

What happened

• The Stablecoins Ordinance took effect in August 2025, creating a licensing regime for issuers of fiat-referenced stablecoins in Hong Kong.
• The HKMA received 36 applications in the first application period.
• In April 2026 it granted issuer licences to two entities.
• In June 2026 the Government said the first Hong Kong-regulated stablecoins could launch as early as mid-2026, once issuers complete pre-launch preparations.

What licensed issuers must have in place

• Management and safekeeping of reserve assets.
• Price stabilisation mechanisms.
• Redemption arrangements.
• Technology security.

The policy line

• Future applicants will be judged on practical use cases, a sustainable business model and compliance with Hong Kong and other relevant laws.
• The bar stays high and the number of licences very limited.
• Related work includes the HKMA’s EnsembleTX pilot for tokenised deposits and the SFC’s ASPIRe roadmap.

What it means for finance teams

• Licensed Hong Kong dollar stablecoins may become a settlement option for cross-border trade.
• Treasury policies should define which stablecoins, if any, can be held or accepted.
• Accounting and tax treatment of stablecoin holdings needs a documented position.

Our take

Hong Kong is choosing quality over quantity: few licences, bank-grade rules. For Gulf groups trading with Asia, regulated stablecoins could shorten settlement, but only once real use cases and banking links are proven.