Hong Kong’s Stablecoins Sprint: Historic Bill Passes, Draft Licensee Guidelines Released, and AML/CFT Consultation Begins
June 04, 2025
On 21 May 2025, Hong Kong’s Legislative Council passed the Stablecoins Bill (Bill) to establish a new regulatory regime for activities involving fiat-referenced stablecoins, which is set to take effect by year-end. First gazetted on 6 December 2024, the Bill has since undergone a series of technical and textual amendments, which we discuss below.