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Hong Kong Finalizes Stablecoin Regulations and Launches Public Registry
The Hong Kong Monetary Authority (HKMA), which serves as the de facto central bank of the Special Administrative Region, has finalized its regulatory framework for stablecoin issuers.
Two sets of regulatory guidelines will come into effect on August 1. The regulator warned that no licenses have been issued yet and urged caution against fraudulent schemes.
On Tuesday, HKMA released the final version of the guidelines and consultation results outlining future regulatory requirements. These documents cover supervision of licensed stablecoin issuers, as well as anti-money laundering (AML) and counter-terrorism financing (CTF) rules.
As part of efforts to strengthen oversight of the crypto ecosystem, Hong Kong will also launch a public registry of licensed issuers.
"In the future, the public will be able to view the registry of licensed stablecoin issuers on the HKMA website," the regulator stated.
HKMA Warns Against Unlicensed Activity
The authority emphasized that no licenses have been issued to date. HKMA urged the public to remain vigilant against individuals or entities claiming to be licensed or regulated issuers in Hong Kong. Particular caution was advised regarding those announcing intentions to apply for licenses.
“Holders of unlicensed stablecoins operate at their own risk,” the HKMA warned.
On Thursday, HKMA Chief Executive Eddie Yue noted that the hype surrounding stablecoins had led to unjustified trading volumes and sharp price surges in related stocks. He stressed the need to “curb the euphoria,” explaining that many license applications do not meet the regulator’s standards. According to Yue, some proposals are vague, lack realistic implementation plans, and demonstrate a lack of technical understanding of stablecoin issuance.
Yue said that only a limited number of licenses will be granted during the initial phase following the implementation of the new rules. He also cautioned investors against engaging with unlicensed offerings to avoid potential violations of upcoming legislation.
HKMA called on potential market participants interested in obtaining a license to contact the regulator before August 1. Full applications must be submitted no later than September 30 to be considered in the first licensing round.
Shenzhen Warns of Stablecoin-Related Scams
In other regions of China, stablecoin-related fraud is on the rise. On July 7, Shenzhen authorities issued a warning about unlicensed entities promoting cryptocurrency investments, often disguising themselves as legitimate crypto or stablecoin projects. The city's task force on illegal financial activity highlighted that such groups mislead investors by exploiting the public's lack of awareness about the nature of stablecoins to promote illicit investment schemes.
See also: "PayPal Adds Support for 100+ Cryptocurrencies in the U.S."
