# Hong Kong: crypto and stablecoin regulation (as of 1 November 2026)

Dated status of Hong Kong's licensing regime for fiat-referenced stablecoin issuers under the Stablecoins Ordinance (Cap. 656), its first two licences and the HKMA's rules on reserves, redemption, interest and retail offers, each line linked to the HKMA or the Government.

Canonical: https://achivx.org/regulation/hong-kong/
Updated: 2026-11-01
As of: 2026-11-01

Hong Kong requires a licence from the Hong Kong Monetary Authority (HKMA) to issue fiat-referenced stablecoins as a business, under the Stablecoins Ordinance (Cap. 656), in effect since 1 August 2025. The HKMA granted the first two licences, to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited, on 10 April 2026, and only stablecoins from licensed issuers may be offered to retail investors.

This page states what the official sources say. It is not legal advice.

## Status as of 1 November 2026

| Status | Rule | Since / from | Source |
|---|---|---|---|
| In force | Stablecoins Ordinance (Cap. 656): the business of issuing fiat-referenced stablecoins is a regulated activity in Hong Kong and a licence is required. | 1 August 2025 | [HKMA](https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stablecoin-issuers/), [HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/07/20250729-4/) |
| In force | HKMA Guideline on Supervision of Licensed Stablecoin Issuers, published with the AML/CFT guideline and licensing explanatory notes on 29 July 2025. | 1 August 2025 | [HKMA guideline](https://www.hkma.gov.hk/media/eng/doc/key-functions/ifc/stablecoin-issuers/Guideline_on_supervision_of_licensed_stablecoin_issuers_eng.pdf), [HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/07/20250729-4/) |
| In force | The HKMA register lists 2 licensees: Anchorpoint Financial Limited (FRS01) and The Hongkong and Shanghai Banking Corporation Limited (FRS02), both effective 10 April 2026 (register last revised 23 April 2026). | 10 April 2026 | [HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/04/20260410-4/), [HKMA register](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/) |

## Key rules

- **Who needs a licence.** Any person who, in the course of business, issues a fiat-referenced stablecoin (FRS) in Hong Kong, or issues an FRS that purports to maintain a stable value with reference to Hong Kong dollars in or outside Hong Kong, needs a licence from the Monetary Authority. ([HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/05/20250521-3/))
- **Reserves.** The market value of the reserve asset pool for each type of specified stablecoin must at all times be at least equal to the par value of the outstanding coins of that type in circulation (Guideline 2.2.1, citing section 5(2) of Schedule 2 to the Ordinance). ([HKMA guideline](https://www.hkma.gov.hk/media/eng/doc/key-functions/ifc/stablecoin-issuers/Guideline_on_supervision_of_licensed_stablecoin_issuers_eng.pdf))
- **Redemption at par.** A licensee must give holders a right to redeem the specified stablecoins at par value (Guideline 3.3.1, citing section 6 of Schedule 2). Unless otherwise approved, valid redemption requests should be processed within one business day after the day the licensee receives them (Guideline 3.3.3). ([HKMA guideline](https://www.hkma.gov.hk/media/eng/doc/key-functions/ifc/stablecoin-issuers/Guideline_on_supervision_of_licensed_stablecoin_issuers_eng.pdf))
- **No interest.** A licensee must not pay, or permit to be paid, any interest in relation to the specified stablecoins it issues (Guideline 2.6.1, citing section 15 of Schedule 2). It may offer marketing incentives that do not amount to payment of interest. ([HKMA guideline](https://www.hkma.gov.hk/media/eng/doc/key-functions/ifc/stablecoin-issuers/Guideline_on_supervision_of_licensed_stablecoin_issuers_eng.pdf))
- **Who may offer, and to whom.** Only specified licensed institutions may offer an FRS in Hong Kong, and only an FRS issued by a licensed issuer may be offered to a retail investor. ([HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/05/20250521-3/))
- **Advertising.** At all times, including the six-month non-contravention period, only advertisements of licensed FRS issuance are allowed. ([HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/05/20250521-3/))
- **Unlicensed stablecoins.** The HKMA warned that members of the public who hold unlicensed stablecoins are at their own risk. ([HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/07/20250729-4/))
- **Look-alike tokens.** On 28 April 2026 the HKMA warned that tokens with the tickers "HKDAP" or "HSBC" are not issued by or otherwise associated with licensed stablecoin issuers. Both licensees confirmed they had not issued any regulated stablecoins in the market at that moment. ([HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/04/20260428-5/))

## Timeline

| Date | Event | Source |
|---|---|---|
| 21 May 2025 | Legislative Council passes the Stablecoins Bill | [HKMA (Government press release)](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/05/20250521-3/) |
| 29 July 2025 | HKMA publishes the supervision and AML/CFT guidelines and licensing explanatory notes | [HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/07/20250729-4/) |
| 1 August 2025 | Regulatory regime for stablecoin issuers comes into effect | [HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/07/20250729-4/) |
| 30 September 2025 | Date by which applicants wishing to be considered early had to apply | [HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/07/20250729-4/) |
| 10 April 2026 | First two stablecoin issuer licences granted, effective the same day | [HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/04/20260410-4/) |
| 23 April 2026 | Last revision of the HKMA register of licensees | [HKMA register](https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/) |
| 28 April 2026 | HKMA alert on "HKDAP" and "HSBC" tickers not linked to licensed issuers | [HKMA](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/04/20260428-5/) |
| 10 June 2026 | Government reply to LegCo question LCQ6: 36 applications received in the initial application period | [GovHK](https://www.info.gov.hk/gia/general/202606/10/P2026061000429.htm) |

## Not covered here

The Ordinance text on elegislation.gov.hk could not be read, so section numbers are given only as the HKMA guideline cites them, and the gazette ordinance number is not verified. Whether and when further licences will be granted is open: the HKMA has told applicants it has no definitive inclination regarding the future direction and timing of licensing at this stage, and the Government says that, should additional licences be granted in future, the overall number of licences will remain very limited ([GovHK](https://www.info.gov.hk/gia/general/202606/10/P2026061000429.htm)). On 10 June 2026 the Government said that, based on the two licensed issuers' business plans, it expected Hong Kong-regulated stablecoin to be launched as early as the middle of this year ([GovHK](https://www.info.gov.hk/gia/general/202606/10/P2026061000429.htm)); whether the licensed issuers have launched stablecoins is not stated in the sources this page uses.

## Sources
- https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stablecoin-issuers/
- https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/05/20250521-3/
- https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/07/20250729-4/
- https://www.hkma.gov.hk/media/eng/doc/key-functions/ifc/stablecoin-issuers/Guideline_on_supervision_of_licensed_stablecoin_issuers_eng.pdf
- https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/04/20260410-4/
- https://www.hkma.gov.hk/eng/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/
- https://www.info.gov.hk/gia/general/202606/10/P2026061000429.htm