General information only. CryptoRegHub provides summaries for informational purposes and does not constitute legal or compliance advice. Always verify with official sources and consult qualified legal counsel before making compliance decisions.

← Back to licensing guides|Licensing→Hong Kong→HKMA Stablecoin Issuer Licence
Recently verified: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
Pre-application engagement
Early engagement with the HKMA is the established route — the first cohort came through the 2024 sandbox.
2
Application with the Annex B document set
The HKMA's Explanatory Note prescribes the full document list, from reserve management policy to redemption arrangements.
3
Independent assessment
Independent assessment reports on regulatory compliance accompany the application.
4
Advisory Committee and grant
The Stablecoin Advisory Committee recommends; grant comes with a licence number and effective date.

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 feeApplication fee per the HKMA fee schedule — confirm at application.
Ongoing feesOngoing licence fees payable; the licence number must be displayed on advertising and consumer-facing interfaces.
Realistic timelineNo committed processing time — the HKMA describes licensing as an ongoing process. Sandbox participants waited from mid-2024 to the April 2026 grants, against 77 expressions of interest — expect a long runway.
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.