Stablecoins Ordinance (Cap. 656) — Hong Kong

The Stablecoins Ordinance (Cap. 656) is Hong Kong’s primary statute for a licensing regime covering fiat-referenced stablecoin issuers and related offering activity. As of June 16, 2026, the Ordinance is in force: it was gazetted on May 30, 2025, commenced on Aug. 1, 2025, and is administered by the Hong Kong Monetary Authority. The regime focuses on specified stablecoins, issuer licensing, reserve asset safeguards, redemption rights, offering controls, market communications and AML/CFT obligations. Hong Kong Stablecoins Ordinance status and scope The Ordinance gives Hong Kong a statutory framework for stablecoin issuance rather than a general licensing regime for every crypto…