Complete guide to stablecoin issuer licensing under Hong Kong's Stablecoins Ordinance
| Aspect | Details |
|---|---|
| Primary Regulator | Hong Kong Monetary Authority (HKMA) |
| Governing Law | Stablecoins Ordinance (passed Dec 2024) |
| First Licenses | |
| License Type | Fiat-Referenced Stablecoin (FRS) Issuer License |
| Reserve Requirement | 100% backing in high-quality liquid assets |
| Sandbox Participants | JD.com, Standard Chartered, Animoca, RD Technologies |
HKMA and FSTB release consultation paper on stablecoin regulation
HKMA launches stablecoin issuer sandbox program
First sandbox participants announced: JD.com, Standard Chartered-Animoca-HKT consortium, RD Technologies
Stablecoins Ordinance passed by Legislative Council
Budget Speech confirms March 2026 license issuance timeline
❌ Original deadline for first licenses — NOT MET
🚨 HKMA confirms delay: zero licenses issued, no new timeline announced
⏳ First stablecoin issuer licenses — timeline uncertain
Under the Stablecoins Ordinance, you need a license if you:
Update (April 2026): Hong Kong has missed its March 2026 deadline. Despite Financial Secretary Paul Chan's February announcement at Consensus Hong Kong, the HKMA has not issued any stablecoin licenses as of April 1, 2026. The regulator says it is "actively taking forward the licensing matter" but has not provided a new timeline. Current sandbox participants (JD.com, Standard Chartered consortium, RD Technologies) remain in queue. Expected issuance is now Q2 2026 at earliest.
Reserve assets must be "high-quality, highly liquid" (HQLAs). Expected eligible assets include:
Yes, offshore stablecoins can still be traded on licensed VATPs in Hong Kong. However, if issuers actively market to HK public or issue HKD-pegged stablecoins, they may need HKMA licensing or recognition.
HKMA: Regulates stablecoin issuers (creating and managing stablecoins)
SFC: Regulates trading platforms (VATPs) that list and trade crypto assets including stablecoins
A company may need licenses from both if it both issues and operates a trading platform.
| Entity | Stablecoin Focus | Status |
|---|---|---|
| JD.com (Jingdong Coinlink) | HKD-pegged stablecoin | In sandbox |
| Standard Chartered + Animoca + HKT | HKD stablecoin consortium | In sandbox |
| RD Technologies (RD Wallet) | HKDR stablecoin | In sandbox |
APAC FINSTAB tracks all Hong Kong crypto regulatory developments in real-time.
📬 Get Policy Alerts
Last Updated: February 26, 2026
Sources: HKMA, SFC, FSTB, Legislative Council
Disclaimer: This information is for educational purposes only and does not constitute legal or financial advice. Consult qualified professionals for specific licensing questions.
This page is optimized for AI consumption. Access our structured data via: