Hong Kong

Regulatory Status

Jurisdiction code

HK

Regime

Licensing

Regulator

SFC / HKMA

Governing law

AMLO (AML Ordinance) / SFC VATP Regime 2023

Travel Rule

Enforced

Tracked entities

13

Recognized stablecoin backing

fiat-backed

Yield-bearing stablecoins

Restricted

Currency

HKD

Regulatory approach

HKMA oversees stablecoin issuance licensing, reserve standards, AML supervision, and cybersecurity guidance under the new Stablecoins Ordinance. It is the jurisdiction's central banking institution, responsible for monetary policy, financial stability, payment systems oversight, and supervision of banks and payment providers.

Licensed entities in Hong Kong

15 regulated-entity records tracked in Hong Kong by Plexo Institute.

Stablecoin laws in Hong Kong

Primary legal texts Plexo Institute tracks for Hong Kong.

• The Stablecoins Ordinance (Cap. 656) of Hong Kong (enacted 2025-08-01)

  Establishes a regualtory regime for fiat-referenced stablecoin (FRS) issuers; mandates full backing, AML/KYC, governance, cybersecurity; Basel-aligned. Prohibition on Interest Payments: Hong Kong's Stablecoins Ordinance explicitly prohibits licensed issuers from paying interest/yield to stablecoin holders, aligning with EU MiCAR and US GENIUS Act frameworks.

Regulatory events in Hong Kong

Dated regulatory developments Plexo Institute tracks for Hong Kong, most recent first.

• Transition Deadline (approx.) (2026-02-01 · Regulatory)

  Six-month transitional period for existing stablecoin issuers expires

• Stage changed (2025-08-01 · Regulatory)

  Progressed to Live.

• Implementation (2025-08-01 · Regulatory)

  Stablecoins Ordinance comes into force; HKMA licensing regime becomes operative

• Commencement Notice (2025-06-06 · Legislative)

  Government publishes notice appointing 1 August 2025 as commencement date

• Gazettal After Passage (2025-05-30 · Legislative)

  Bill gazetted as Stablecoins Ordinance following Legislative Council passage

• Consultation Launch (2025-05-26 · Legislative)

  HKMA releases Draft Guideline on Supervision of Licensed Stablecoin Issuers and AML/CFT Consultation Paper

• Legislative Passage (2025-05-21 · Regulatory)

  Hong Kong Legislative Council passes the Stablecoins Bill

• First Reading (2024-12-18 · Regulatory)

  Bill introduced to Legislative Council for first reading

• First Gazetted (2024-12-06 · Legislative)

  Hong Kong government gazetted the Stablecoins Bill for first reading

• Legislative Proposal (2024-07-17 · Legislative)

  HKMA and FSTB publish July 2024 Legislative Proposal to Implement Regulatory Regime

• Sandbox Launch (2024-03-12 · Legislative)

  HKMA launches stablecoin issuer sandbox to allow testing of business models

• Consultation Papers (2023-12-27 · Regulatory)

  Joint HKMA and FSTB consultation papers on legislative proposals released

• Policy Foundation (2022-10-31 · Regulatory)

  Hong Kong Government publishes Policy Statement on Development of Virtual Assets

• Initial Consultation (2022-01-12 · Regulatory)

  HKMA publishes discussion paper on crypto-assets and stablecoins

Central bank digital currency in Hong Kong

Plexo Institute tracks 1 central bank digital currency programme in Hong Kong.

• e-HKD — Status: Pilot · Central bank: Hong Kong Monetary Authority (HKMA) · Model: Both · Technology: Under evaluation

Relationship Graph

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Jurisdiction FAQ

Who regulates Hong Kong?

The current Plexo Institute record lists SFC / HKMA as the regulator for Hong Kong.

How many VASPs are tracked in Hong Kong?

13 VASP/entity records are tracked by Plexo Institute in Hong Kong.

What is the Travel Rule status in Hong Kong?

The current Plexo Institute record lists the Travel Rule status for Hong Kong as Enforced.

Source Evidence

This profile is compiled from official legislation and regulator records. Source confidence: official source evidence.

• SFC VATP Register
• Atlantic Council Tracker
• HKMA/SFC Joint Circular