Hong Kong Finalizes Stablecoin Regulations, Licenses Delayed Until 2026

Hong Kong's monetary authority has cemented its regulatory framework for stablecoins, with new guidelines taking effect August 1. The HKMA's MOVE establishes clear oversight for issuers, including anti-money laundering protocols and a public registry of licensed operators.

Despite the finalized rules, the licensing process faces significant delays. Initial approvals won't commence until early 2026—a timeline that disappoints market participants hoping for swifter implementation. The HKMA has set a September deadline for issuer applications.

The phased approach reflects Hong Kong's cautious stance toward digital assets. While embracing innovation, regulators emphasize measured progression over hype. This measured cadence may temporarily dampen market enthusiasm but could strengthen long-term institutional confidence in the sector.