Hong Kong sets August 1 as effective date for Stablecoin Ordinance

Hong Kong’s government announced on its official website that Aug. 1 has been set as the effective date for the new Stablecoin Ordinance, which introduces a licensing regime to regulate stablecoin activities and promote sustainable development in the city’s digital asset ecosystem. The ordinance permits certain stablecoins issued without a license to be offered exclusively to professional investors, as defined under existing securities laws. In addition, the Hong Kong Monetary Authority (HKMA) has proposed comprehensive regulatory requirements, including provisions for anti-money laundering and counter-terrorist financing.