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← Back to licensing guides|Licensing→Hong Kong→HKMA Stablecoin Issuer Licence
Verify recommended:28 July 2026·Source →

HKMA Stablecoin Issuer Licence

Hong KongStablecoin issuanceLive
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General information only — not legal advice

CryptoRegHub provides plain-English summaries of crypto regulations for informational purposes only. This does not constitute legal, compliance, or financial advice. Regulations change frequently — always verify information with official sources and consult qualified legal counsel before making any compliance decisions.

Hong Kong's licensing regime for fiat-referenced stablecoin issuers under the Stablecoins Ordinance, in force since August 2025, with the first licences granted in April 2026 to Anchorpoint and HSBC. The regime has an extraterritorial hook: a licence is required to issue fiat-referenced stablecoins in Hong Kong — and to issue HKD-referenced stablecoins anywhere in the world. Authorized institutions (banks) are exempt from the capital minimum.

Capital requirements

TierCapitalCovers
Minimum paid-up capitalHKD 25,000,000
Or freely convertible equivalent; authorized institutions (banks) exempt
Fiat-referenced stablecoin issuance

Application process

1
Indicate interest to the Licensing Team
Contact the HKMA Licensing Team (stablecoin_licensing@hkma.gov.hk) and discuss the proposal informally before any formal step (Note 4.2.1). Do not describe the business as an applicant before the application is submitted (s.154).
2
Home-regulator consultation
Where the applicant has a parent regulated elsewhere, the parent consults its home regulator before the application is made (Note 4.3.1).
3
Submit the form with Annex B items 1 to 23
The application form is not published; the Licensing Team issues it after the indication of interest (Note 4.4.1). It is submitted with Annex B items 1 to 23 (4.4.3).
4
Respond to HKMA requests
Answer s.14(3) notices for further information by the dates specified. The independent assessment reports and Annex B items 24 to 29 are provided on request, at a time the HKMA sets, not at submission (Note 4.5.1).
5
Stablecoin Advisory Committee
A committee of senior HKMA officers considers every application and recommends to the Monetary Authority (Note 4.5.2).
6
Grant, conditions and register
The grant notice states the licence number and effective date (s.15(5); Note 4.6.2). The licence may carry conditions (s.17) and is entered in the public register (s.21). The licence fee is due within 14 days of the effective date (s.22) and the licence number must be displayed (s.23). A refusal is a specified decision reviewable by the Stablecoin Review Tribunal within 30 days (s.140; Note 4.7.2).

Ongoing obligations

Full reserve backing — 100% backing at all times in high-quality liquid assets (cash, short-term bank deposits of three months or less, and similar), segregated from proprietary funds and independently audited.
One-business-day redemption — redemption at par within one business day.
Schedule 2 minimum criteria — continuously met — fitness and properness, risk management, cybersecurity, disclosure.
AML/CFT — per the dedicated HKMA guideline; custody may be in-house or via custodial wallet providers.

Common rejection & delay reasons

Reserve quality and segregation
Reserve compositions that stretch beyond high-quality liquid assets, or weak segregation and audit arrangements, are the central failure mode.
Underestimating the runway
With no committed processing time and a deliberately small first cohort, business plans assuming quick approval are unrealistic.

What's changing

SFC/FSTB consultation on a VA custodian regime interacts with issuer custody arrangements
· consultation
HKMA supplementary AML/CFT guideline for banks' digital-asset activities in development
· pending

Frequently asked questions

At a glance
JurisdictionHong Kong
RegulatorHong Kong Monetary Authority (HKMA)
TypeLicence
CapitalHK$25M paid-up capital
Application feeNo application fee is prescribed (Stablecoins Ordinance s.14; Explanatory Note ch.4). The licence fee of HK$113,020 (Schedule 3) is payable within 14 days of the date the licence takes effect (s.22; Note 5.1.1). The amount may be amended by the Financial Secretary by notice in the Gazette (Note 5.1.2).
Ongoing feesLicence fee of HK$113,020 annually, on or before each anniversary of the licence effective date (s.22). Ongoing reporting to the HKMA: audited financial statements covering the reserve within four months of financial year end (Supervisory Guideline 8.2.5); quarterly stress-test results (6.4.7); daily reserve statements and weekly reporting (2.7.2).
Realistic timelineNo published processing time (Explanatory Note 4.5.1). Reported figures: 77 expressions of interest by 31 Aug 2025 and 36 formal applications by 30 Sep 2025. The first two licences were granted on 10 Apr 2026 (Anchorpoint Financial, FRS01; HSBC, FRS02). The independent assessment reports are produced after submission, at a time the HKMA specifies, so the build and policy set must be complete before grant rather than at filing — plan for a long runway. The HKMA register is the current list of licensed issuers.
PassportingRequired even for HKD-referenced issuance outside Hong Kong
Last verified28 Jul 2026
Local presence

Hong Kong presence with fit-and-proper management; the Stablecoin Advisory Committee recommends on applications.

Primary source
https://www.hkma.gov.hk →
Related
HK Stablecoins Ordinance →Hong Kong: SFC VASP (VATP) Licence →
Disclaimer

This guide is for general informational purposes only and does not constitute legal advice. Figures change — always verify with the regulator and consult qualified counsel before applying.