Hong Kong passes Stablecoins Bills: new regulatory regime for stablecoin issuers
On 21 May 2025, the Hong Kong Legislative Council passed the Stablecoins Bill, with the final version of the Stablecoins Ordinance ("SO") gazetted on 30 May 2025, marking an official beginning of the stablecoin law in Hong Kong since discussions started in 2022. We have been following the journey and covered them in several earlier client alerts in March 2023, January 2024 and December 2024. Interested readers may access these client alerts for more information.
The SO is expected to commence operation on 1 August 2025 as chapter 656 of the laws of Hong Kong.
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