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2025-07-30 10:38:51
Hong Kong Monetary Authority (HKMA) Finalizes Stablecoin Rules and Launches Public Registry: The Hong Kong Monetary Authority (HKMA) has finalized its regulatory framework for stablecoin issuers, releasing two sets of guidelines that will take effect on August 1st. On Tuesday, the HKMA released the full guidelines and consultation conclusions to clarify the upcoming rules. These documents address the supervision of licensed stablecoin issuers and their anti-money laundering (AML) and counter-terrorist financing (CTF) rules. Concurrent with the finalization of the rules, Hong Kong will launch a public registry of licensed issuers as part of a broader effort to bring regulation to the local cryptocurrency ecosystem. The regulator stated, "Going forward, the public may refer to the register of licensed stablecoin issuers displayed on the HKMA website." "As of today, the HKMA has not issued any licenses," the regulator stated, warning the public to remain vigilant against individuals or entities claiming to be regulated or licensed as stablecoin issuers in Hong Kong. The HKMA also warned the public against those claiming to be applying for licenses. "Members of the public who hold unlicensed stablecoins do so at their own risk," the HKMA said. On Thursday, HKMA chief executive Eddie Yue said the stablecoin hype had led to unreasonable trading volumes and soaring share prices. He said it seemed necessary to "curb the frenzy" and clarify that many institutions applying for stablecoin licenses did not meet the regulator's standards. Eddie Yue said some proposals were vague and lacked realistic implementation plans. He added that some of the applying groups lacked the technical expertise to become stablecoin issuers. Eddie Yue said that as the new regulatory framework comes into effect, only a small number of licenses will be issued initially. He also warned investors to stay away from unlicensed stablecoin products to avoid violating the upcoming law. The HKMA encourages market participants interested in applying for stablecoin licenses to contact the regulator before August 1. Applicants must also submit a complete application by September 30 to be considered among the first batch of licensees, the HKMA said.
