The financial regulator of Hong Kong published regulatory documents detailing the licensing and supervision procedures for stablecoin issuers ahead of the new stablecoin market regulatory regime coming into effect.
The Hong Kong Monetary Authority (HKMA) released final versions of two key documents outlining the licensing and oversight framework for stablecoin issuers, along with clarifications on the application process and transitional requirements.
The stablecoin bill in Hong Kong, which mandates all issuers of fiat-backed digital assets to obtain licensing from the HKMA, was approved in June 2025 and will officially take effect on August 1.
The Guideline on Supervision of Licensed Stablecoin Issuers and the AML/CFT Requirements for Regulated Stablecoin Activities are the two primary legislative documents underpinning the bill. According to these documents, from the date the bill comes into force, any public statements claiming to have obtained or applied for a license without official confirmation from the HKMA will be considered an offense. Conversely, asset holders whose issuers lack a local license won’t be prosecuted but will be regarded by the regulator as high-risk.
Eddie Yue, Chief Executive of the HKMA, stated that to date, no licenses were issued because many applications received don’t meet the regulator’s requirements. He clarified that some applications were rejected due to vague or ambiguous wording, some applicants lack realistic project roadmaps, and others lack technical competence.
Yue also noted that initially, the regulator plans to issue only a limited number of licenses, so companies wishing to be part of the first licensing wave must contact the HKMA before August 1 to agree on requirements and submit a complete application package by September 30, 2025.
A month ago, Hong Kong authorities updated licensing rules for stablecoin issuers and clarified requirements for tokenization of real-world assets (RWA).
Interestingly, amid the introduction of new regulations, Chinese e-commerce giant JD.com submitted applications to register two companies in Hong Kong. According to Ming Pao, JD Coinlink Technology, a subsidiary of the corporation, plans to launch JCOIN and JOYCOIN, which will be directly linked to stablecoin issuance. According to the company’s website, “JINGDONG Stablecoin” will be issued on a public blockchain network and pegged 1:1 to the Hong Kong dollar (HKD). The asset is intended, per official documentation, to “be one of the leading digital currencies for businesses and individuals.”
JD Coinlink Technology is an official participant in the HKMA’s regulatory sandbox for stablecoin issuers, launched in 2024. Other participants include Standard Chartered Bank, Animoca Brands, and Hong Kong Telecommunications, jointly working on creating a company to issue a stablecoin pegged to the HKD.
JD.com’s project registrations just before the stablecoin law’s official enforcement may allow the company to be among the first licensed issuers. However, the HKMA has yet to publish the final list, and the registry of applicants remains empty.
