The monetary regulator of Hong Kong printed regulatory paperwork detailing the licensing and supervision procedures for stablecoin issuers forward of the brand new stablecoin market regulatory regime coming into impact.
The Hong Kong Financial Authority (HKMA) launched ultimate variations of two key paperwork outlining the licensing and oversight framework for stablecoin issuers, together with clarifications on the applying course of and transitional necessities.
The stablecoin invoice in Hong Kong, which mandates all issuers of fiat-backed digital belongings to acquire licensing from the HKMA, was authorized in June 2025 and can formally take impact on August 1.
The Guideline on Supervision of Licensed Stablecoin Issuers and the AML/CFT Necessities for Regulated Stablecoin Actions are the 2 major legislative paperwork underpinning the invoice. Based on these paperwork, from the date the invoice comes into power, any public statements claiming to have obtained or utilized for a license with out official affirmation from the HKMA can be thought-about an offense. Conversely, asset holders whose issuers lack a neighborhood license gained’t be prosecuted however can be regarded by the regulator as high-risk.
Eddie Yue, Chief Government of the HKMA, acknowledged that to this point, no licenses had been issued as a result of many functions obtained don’t meet the regulator’s necessities. He clarified that some functions had been rejected attributable to obscure or ambiguous wording, some candidates lack life like undertaking roadmaps, and others lack technical competence.
Yue additionally famous that originally, the regulator plans to difficulty solely a restricted variety of licenses, so corporations wishing to be a part of the primary licensing wave should contact the HKMA earlier than August 1 to agree on necessities and submit an entire utility bundle by September 30, 2025.
A month in the past, Hong Kong authorities up to date licensing guidelines for stablecoin issuers and clarified necessities for tokenization of real-world belongings (RWA).
Curiously, amid the introduction of recent laws, Chinese language e-commerce big JD.com submitted functions to register two corporations in Hong Kong. Based on Ming Pao, JD Coinlink Expertise, a subsidiary of the company, plans to launch JCOIN and JOYCOIN, which can be straight linked to stablecoin issuance. Based on the corporate’s web site, “JINGDONG Stablecoin” can be issued on a public blockchain community and pegged 1:1 to the Hong Kong greenback (HKD). The asset is meant, per official documentation, to “be one of many main digital currencies for companies and people.”
JD Coinlink Expertise is an official participant within the HKMA’s regulatory sandbox for stablecoin issuers, launched in 2024. Different individuals embrace Normal Chartered Financial institution, Animoca Manufacturers, and Hong Kong Telecommunications, collectively engaged on creating an organization to difficulty a stablecoin pegged to the HKD.
JD.com’s undertaking registrations simply earlier than the stablecoin legislation’s official enforcement might enable the corporate to be among the many first licensed issuers. Nonetheless, the HKMA has but to publish the ultimate checklist, and the registry of candidates stays empty.
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