Jun 3, 2026AnalysisHK
Hong Kong's Stablecoins Ordinance: licensing fiat-referenced stablecoin issuers
The Stablecoins Ordinance establishes a HKMA-administered licensing regime for issuers of fiat-referenced stablecoins ("FRS") with a Hong Kong nexus. Here is the perimeter, the licensing conditions, and the prior sandbox cohort that shaped them.