Stablecoins in Hong Kong
March 2026
Hong Kong is strengthening its position as a global digital asset hub with the introduction of the Stablecoins Ordinance (Cap. 656), establishing a clear regulatory framework for stablecoin issuers.
Beyond the initial challenges of building a viable business plan and use case, regulatory compliance demands early and significant attention. This document breaks down the key elements of the HKMA’s supervisory framework, highlighting areas where issuers are likely to face the greatest compliance challenges—particularly around AML/CFT requirements, Reserve Reporting obligations, and the proposed Practice Note 831 (PN 831). It also includes readiness assessment questions and practical next steps for issuers at any stage of planning.
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