Jurisdiction reference
Hong Kong
Regulator: SFC / HKMA. License/registration context: Licensing. 13 VASP/entity records are tracked by Plexo Institute in Hong Kong. Official registry source: SFC VATP Register. Data last updated: 2026-08-28.
On August 1, 2025, Hong Kong's Stablecoins Ordinance came into effect under the HKMA, creating a comprehensive licensing regime for fiat-referenced stablecoins (FRS). Issuers must meet strict reserve requirements, governance controls, AML/KYC, and cybersecurity standards, aligning with Basel principles. The HKMA anticipates just a few licenses initially, focusing on institutional-grade and business-to-business use cases. 1:1 backing, redemption within 1 business day, no unreasonable fees for redemption, and no interest/yield. First set of Stablecoin Licenses are expected to be announced in March 2026.
Regulatory Status
- Jurisdiction code
- HK
- Regime
- Licensing
- Regulator
- SFC / HKMA
- Governing law
- AMLO (AML Ordinance) / SFC VATP Regime 2023
- Travel Rule
- Enforced
- Tracked entities
- 13
- Recognized stablecoin backing
- fiat-backed
- Yield-bearing stablecoins
- Restricted
- Currency
- HKD
Regulatory approach
HKMA oversees stablecoin issuance licensing, reserve standards, AML supervision, and cybersecurity guidance under the new Stablecoins Ordinance. It is the jurisdiction's central banking institution, responsible for monetary policy, financial stability, payment systems oversight, and supervision of banks and payment providers.
Relationship Graph
Jurisdiction FAQ
Who regulates Hong Kong?
The current Plexo Institute record lists SFC / HKMA as the regulator for Hong Kong.
How many VASPs are tracked in Hong Kong?
13 VASP/entity records are tracked by Plexo Institute in Hong Kong.
What is the Travel Rule status in Hong Kong?
The current Plexo Institute record lists the Travel Rule status for Hong Kong as Enforced.
Source Evidence
This profile is compiled from official legislation and regulator records. Source confidence: official source evidence.