Hong Kong has officially put its Stablecoin Ordinance into effect as of August 1, 2025, under which anyone issuing fiat‑referenced stablecoins must obtain a licence from the Hong Kong Monetary Authority (HKMA) and meet strict rules on reserves, risk management, and anti‑money‑laundering standards.

As of early 2026, the first batch of stablecoin issuer licences is expected to be granted around March 2026, marking a key step in rolling out the new regulated system and boosting Hong Kong’s position in digital asset markets.