Hong Kong’s Stablecoins Ordinance (Cap. 656) was passed on May 21, 2025, coming into effect August 1, 2025. It introduces a licensing regime for fiat-referenced stablecoins (FRS) to regulate issuance, marketing, and redemption. This aligns with Hong Kong’s “same activity, same risk, same regulation” approach to integrate stablecoins into its virtual asset framework.
Q1: Which stablecoins fall under HK’s ordinance?
A1: Fiat-referenced stablecoins
Q2: What must a stablecoin issuer provide to holders?
A2: Redemption at par value
Q3: Offshore issuers marketing to HK public:
A3: Are banned unless licensed
Q4: What happens to unauthorized stablecoin offerings?
A4: Criminal and civil liability
