The documents are:

• Consultation conclusions on the Guideline on Supervision of Licensed Stablecoin Issuers and the finalised Guideline;
• Consultation conclusions on the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Stablecoin Issuers) and the finalised Guideline;
• Explanatory Note on Licensing of Stablecoin Issuers on various aspects of the licensing regime and application process;
• Explanatory Note on Transitional Provisions for Pre-existing Stablecoin Issuers

The two sets of guidelines will also be published in the Gazette on 1 August 2025. As the regulatory regime comes into effect, market participants are advised to observe the Stablecoins Ordinance and the relevant guidelines. 

While licensing will be an ongoing process, interested parties that consider themselves sufficiently ready and wish to be considered early should submit the application to the HKMA by 30 September 2025.

According to the press release, the proposed regimes extend Hong Kong’s efforts in fostering a “secure, robust and globally competitive VA ecosystem, guided by the Government’s latest policy statement on digital asset development”. They also “drive progress along the SFC’s ASPIRe roadmap by attracting qualified participants to the city and enhancing investors’ choice, while integrating Hong Kong’s VA liquidity with the world’s.”

The proposals empower the SFC to license and supervise VA dealers and custodians, as well as enforce relevant regulations. The SFC will also be responsible for setting the expected standards for these two types of service providers to “ensure robust investor protection and market integrity based on the ‘same business, same risks, same rules’ principle.”

Deadline for comments is 29 August 2025.

See also our article Hong Kong launches public consultation on licensing regimes for digital asset dealing and custodian services

The consultation paper, which should be read in conjunction with the draft guidlines, seeks views on the proposed anti-money laundering and counterfinancing of terrorism regulatory requirements for stablecoin issuers to be licensed by the HKMA for carrying out regulated stablecoin activities. 

Deadline for comments is 30 June 2025.

Upon implementation of the Stablecoins Ordinance, any person who, in the course of business, issues an FRS in Hong Kong, or issues an FRS that purports to maintain a stable value with reference to Hong Kong dollars in or outside Hong Kong will need to obtain a licence from the Hong Kong Monetary Authority.

The relevant persons must satisfy the requirements in areas such as "reserve asset management and redemption, including proper segregation of client assets, maintaining a robust stabilisation mechanism, and processing stablecoin holders’ requests for redemption at par value with reasonable conditions. The relevant persons must also comply with a range of requirements, including those on anti-money laundering and counter-terrorist financing, risk management, disclosure and auditing, and fitness and propriety."

The MA will conduct further consultations on the detailed regulatory requirements of the regime in due course.

In its circular to VATPs, the SFC provides guidance to licensed platforms when providing staking services. To manage risks to investors, they should maintain measures to "effectively prevent errors associated with the services, safeguard staked client virtual assets, and ensure proper disclosure of risks to which such staked assets may be subject."

The SFC revised its circular on SFC-authorised VA Funds to facilitate their engagement in staking. These funds are required to "stake virtual asset holdings only through licensed VATPs and authorised institutions, subject to a cap to manage liquidity risk."