Hong Kong Launches Stablecoin Issuer Registry But No Licenses Granted Yet

The Hong Kong Monetary Authority (HKMA) has launched a Licensed Stablecoin Issuer Register on its official website, marking a significant step in the formal regulation of stablecoin issuance. The register, however, remains empty as of now, with no entities granted licenses under the newly established oversight framework [1]. The licensing regime will become fully operational on August 1, 2025, as stipulated by the Stablecoin Law [2]. The HKMA has emphasized that stablecoin issuance must not occur in jurisdictions where such activities are legally restricted [3].

The HKMA has introduced a transitional phase to facilitate the shift to a regulated environment, offering a six-month grace period from August 1, 2025, during which existing stablecoin operations can align with the new regulatory requirements [4]. For issuers that demonstrate compliance with the necessary standards, a provisional licensing mechanism is available to help them meet the transition [5]. These measures aim to ensure a smooth and orderly integration of stablecoins into the financial system.

Despite the availability of a clear regulatory pathway, the HKMA has confirmed that no stablecoin licenses have been issued so far [6]. The regulator has advised the public to be cautious and avoid engaging with any unlicensed entities that may falsely claim to operate as licensed stablecoin issuers [7]. The delay in approvals suggests that the licensing process may involve a higher level of scrutiny than previously expected, with the first licenses potentially not being issued until 2026 [8].

The compliance framework established by the HKMA includes requirements related to banking relationships and financial transparency, adding to the complexity of obtaining a license [9]. These standards are intended to ensure that stablecoin operations are conducted responsibly and transparently. As the regulatory landscape continues to develop, the HKMA’s register will play a critical role in identifying legitimate stablecoin issuers and reducing the risks associated with unregulated activity.

The HKMA’s approach underscores a measured and structured strategy for incorporating stablecoins into the financial system, with a strong focus on consumer protection and market stability [10]. The regulator’s emphasis on transparency and legal compliance reflects a broader effort to position Hong Kong as a responsible and forward-thinking financial hub.

Sources:

[1] Hong Kong says no stablecoin licenses issued yet, warns ... (https://cryptoslate.com/hong-kong-says-no-stablecoin-licenses-issued-yet-warns-of-legal-risks-for-impostors/)

[2] Hong Kong Monetary Authority Issues Stablecoin ... (https://www.binance.com/en/square/post/27670535279273)

[3] HKMA releases stablecoin issuer regulation documentation (https://thepaypers.com/regulations/news/hkma-publishes-stablecoin-issuer-regulatory-regime-documentation)

[4] Hong Kong announces 6-month stablecoin regulatory ... (https://cointelegraph.com/news/hong-kong-announces-6-month-stablecoin-regulatory-transition-plan)

[5] Hong Kong Begins Six-Month Transition for New ... (https://www.bitget.com/news/detail/12560604887252)

[6] Hong Kong Finalizes Stablecoin Rules Effective Aug. 1, ... (https://coinpedia.org/news/hong-kong-finalizes-stablecoin-rules-effective-aug-1-warns-against-hype-as-licensing-delayed-to-2026/)

[7] Hong Kong: No Stablecoin Licences Yet, First May Arrive ... (https://bitcoinist.com/hong-kong-no-stablecoin-licences-yet-arrive-2026/)

[8] Hong Kong Cryptocurrency Regulations 2025: Licensing ... (https://www.ccn.com/education/crypto/hong-kong-crypto-regulations-vasp-stablecoin-licensing-explained/)

[9] Hong Kong Finalizes Stablecoin Rules, Launches Issuer ... (https://coincentral.com/hong-kong-finalizes-stablecoin-rules-launches-issuer-registry/)

[10] BlockBeats News (https://www.theblockbeats.info/en/flash/305365)