Hong Kong stablecoin licences start March 2026 under HKMA regime

Hong Kong targets March licence launch

Hong Kong plans to issue its first stablecoin issuer licences in March 2026 under a new regulatory framework. The framework covers fiat‑referenced stablecoins, which are crypto tokens pegged to traditional currencies such as the Hong Kong dollar. Financial Secretary Paul Chan and Hong Kong Monetary Authority leadership described the March timeline in recent public remarks. The Hong Kong Monetary Authority is the city’s central banking institution and banking regulator.

"Hong Kong is ready to issue its first stablecoin issuer licences in March 2026.", 10 February 2026. — Paul Chan Mo-po, Financial Secretary, Hong Kong SAR Government

Small initial batch of approved issuers

Officials describe a cautious launch with only a small number of licences in the first batch. Paul Chan stated that authorities will approve only a small group of stablecoin issuers in March. This approach aims to limit risk while regulators test supervision of these tokens. The first licences will go to issuers of fiat‑referenced stablecoins that meet the new standards.

"We plan to issue only a small number of stablecoin issuer licences in the first batch in March this year.", 10 February 2026. — Paul Chan Mo-po, Financial Secretary, Hong Kong SAR Government

Stablecoins ordinance and regulatory scope

The licensing regime operates under a Stablecoins Ordinance that took effect in August 2025. This law makes issuing fiat‑referenced stablecoins a regulated activity in Hong Kong. The regime covers issuers based in Hong Kong and overseas companies that issue tokens pegged to the Hong Kong dollar. These issuers must obtain a licence from the Hong Kong Monetary Authority before offering their tokens in the market.

Regulators near completion of application review

Hong Kong Monetary Authority Chief Executive Eddie Yue stated that officials are close to finishing their review of licence applications. He said regulators plan to release the initial set of licences by March 2026. This timing aligns with the government’s plan to position Hong Kong as a tightly regulated hub for stablecoin activity. The first decisions will show how strictly the new framework applies in practice.