#HK Stablecoin Rules Hong Kong’s new stablecoin licensing and regulatory regime.
On May 21, 2025, the Hong Kong Legislative Council passed the Stablecoins Ordinance, establishing a regulatory regime for the issuance, offering and marketing of stablecoins in Hong Kong. This Ordinance will come into effect on August 1, 2025.
Scope of the stablecoin ordinance (the Ordinance)
Stablecoins are generally understood as crypto assets that aim to maintain a stable value relative to a specified asset, or a pool or basket of assets, such as fiat currencies or commodities.
Under the Ordinance, a “stablec