Hong Kong Finalizes Stablecoin Rules Ahead of August Enforcement

Highlights:

• Hong Kong has finalized its stablecoin rules and will start them next month.
• HKMA has warned the public against trusting unlicensed stablecoin issuers.
• JD.com plans to launch a stablecoin tied to the Hong Kong dollar.

The Hong Kong Monetary Authority (HKMA) has completed its stablecoin framework, with new rules set to begin on August 1. The regulator published two sets of rules that will govern the behavior of stablecoin issuers. One of them is dedicated to the monitoring of issuers and the other to anti-money laundering and counter-terrorism financing practices. The regulations will safeguard the users and establish an orderly framework in which stablecoin operations will take place.

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📢Hong Kong Monetary Authority Releases Regulatory Guidelines for Stablecoin Issuershttps://t.co/VErsClo8ip News, the Hong Kong Monetary Authority today released multiple documents regarding the regulatory framework for stablecoin issuers, including the consultation conclusions…

— Mlion Crypto News (@MlionNews) July 29, 2025

Licensed issuers, according to the HKMA, have to fulfill a number of requirements. Among these are the issuance and redemption of coins, reserves, and operational risk. They should also adhere to processes that assist in identifying users, transactions, and the flow of money. The authority will continuously carry out inspections and take appropriate measures against those issuers that do not meet the mandatory standards. HKMA has not granted any licenses so far and has asked people to be careful when faced with companies that purport to hold the license.

The HKMA will launch a public registry of licensed stablecoin issuers to support transparency. The registry will allow users to verify the status of any company or individual offering such services. The authority warned people to stay away from unlicensed issuers and reminded them that using these services involves personal risk. It also cautioned against trusting anyone who claims to be applying for a license, as this does not confirm official approval.

The HKMA advised potential issuers to reach out by August 1 and submit their complete applications by September 30. Although the framework begins in 2024, the first set of licenses will be issued in early 2026. The timeline reflects the authority’s intention to take a step-by-step approach to stablecoin oversight.

HKMA Cautions Market Participants on Hype and Licensing Risks

The HKMA expressed concern about rising interest in stablecoins that has caused unusual activity in both trading volumes and related stock prices. Chief Executive Eddie Yue said that the recent surge appears driven more by speculation than actual value. He explained that many proposals received so far have failed to meet the required technical or operational benchmarks.

Yue stated that some applicants lacked clear plans or the necessary experience to run a stablecoin operation. Because of this, the authority plans to issue only a limited number of licenses during the initial phase. Yue also reminded users that anyone holding stablecoins from unlicensed entities assumes full responsibility for potential risks.

Meanwhile, officials in Shenzhen raised alarms over growing scams disguised as crypto or stablecoin investment offers. On July 7, the city’s anti-financial crime task force warned the public about groups misleading investors. These organizations took advantage of limited public knowledge to promote illegal financial schemes. The rise in fraud has increased the urgency for tighter control and user awareness in the digital asset space.

JD.com Prepares for Entry into Market as Hong Kong Finalizes Stablecoin Rules

Chinese tech firm JD.com has taken steps toward entering the stablecoin sector. The company recently filed trademarks for “JCOIN” and “JOYCOIN.” Reports suggest the upcoming JD Stablecoin will be pegged to the Hong Kong dollar and built on a public blockchain.

https://t.co/JwiR1xPsL9 REGISTERS 'JCOIN' FOR HONG KONG STABLECOIN LAUNCH

China’s https://t.co/1j1of19MLy has registered ‘Jcoin’ ahead of Hong Kong’s new stablecoin framework.

JD is expected to be among the first to issue a Hong Kong dollar ($HKD) stablecoin as the HKMA regime…

— CryptoEdge (@EdGeraldX) July 29, 2025

Chairman Richard Liu said JD.com plans to apply for licenses across key global markets. The company aims to reduce the cost of cross-border payments and increase transaction speed.

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