Hong Kong Set to Roll Out Strict Stablecoin Licensing in 2025

Hong Kong’s financial regulators are preparing to issue stablecoin licenses under a new framework launching in August, with approvals expected to be highly selective, Secretary Christopher Hui revealed in Ming Pao.

The government’s priority is ensuring stablecoins serve practical needs—particularly in cross-border payments for currencies with higher volatility or limited financial infrastructure.

Though the rules were initially designed for Hong Kong dollar-linked stablecoins, industry attention has turned to offshore yuan-pegged alternatives. Reports suggest Chinese tech firms, including JD.com and Ant Group, are actively seeking regulatory backing for such projects.