HKMA Stablecoin Licensing Regime Effective August 1 2025 Mandating 100% Reserves and Criminalizing Unlicensed Promotions
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最新报道：Hong Kong Monetary Authority (HKMA) will implement a stablecoin licensing regime effective August 1, 2025, requiring issuers to maintain 100% reserves in high-quality liquid assets. The new rules mandate full backing by Hong Kong dollars or other permitted currencies, with monthly reserve attestations by licensed auditors. Unlicensed promotion of stablecoins will become a criminal offense, carrying penalties of up to HK$10 million and seven years imprisonment. The HKMA will accept license applications from stablecoin issuers starting June 2024, with transitional arrangements for existing operators. This regulatory framework aims to enhance financial stability while supporting innovation in Hong Kong's digital asset ecosystem.
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