Hong Kong to Regulate Stablecoins via Invitation-Only Licensing from August 2025

The Hong Kong Monetary Authority (HKMA) has announced the introduction of a licensing regime for stablecoins starting August 1, 2025. According to official statements, licenses will be granted by invitation only, through a pre-qualification process. The regulation aims to increase transparency and oversight in the stablecoin market, following a model similar to the European Union's MiCA framework.

Under the new system, only a limited number of entities will be authorized to operate stablecoins under HKMA supervision. Authorities intend to issue a small number of licenses, favoring established institutional players. Applications will be assessed based on strict criteria related to stability, compliance, and operational capacity.

Christopher Hui, Secretary for Financial Services and the Treasury, confirmed that HKMA is currently consulting with industry stakeholders to finalize the guidelines. Market reactions have been mixed, with no significant changes observed in the value of major stablecoins such as USDT or USDC.