11/03/2025
HongKong OTC Alliance HKDOTC
HK StableCoin License :
HongKong Stablecoins Bill (the “Bill”) with respect to the introduction of a regulatory regime (the “Stablecoins Regime”) for the issuance and offering of fiat-referenced stablecoins (the “Specified Stablecoins”), to be supervised and administered by the Hong Kong Monetary Authority (the “HKMA”), was published in the Gazette on 6 December 2024 and introduced into the Legislative Council for first reading on 18 December 2024.
In this Client Alert, we summarise the key features and updates introduced by the Bill and share our observations on the subject. In particular:
(1) Existing issuers of Specified Stablecoins in Hong Kong are recommended to start taking steps to comply with the applicable regulatory requirements and to apply for the stablecoin issuer licence as soon as practicable upon the commencement of the Stablecoins Regime in order to enjoy the full benefit of the transitional arrangements under the Bill;
(2) Upon the commencement of the Stablecoins Regime, unlicensed virtual asset over-the-counter (“VA OTC”) service providers may not be able to offer Specified Stablecoins in Hong Kong (at least until the proposed VA OTC licensing regime comes into effect); and
(3) The offer and active marketing to the Hong Kong public of Specified Stablecoins that are issued by issuers which are not licensed by the HKMA under the Stablecoins Regime (potentially including USDT, USDC and other widely circulated stablecoins issued overseas) may be prohibited.
We have been advising a number of clients on their virtual asset-related activities and applications for regulatory licences. Should you have any queries regarding the Stablecoins Bill or this Client Alert, please do not hesitate to reach out to a member of our team to discuss further at HKBA.club DenaTrust.com
https://www.info.gov.hk/gia/general/202412/06/P2024120500422.htm
HK 《穩定幣條例草案》 (「草案」) 已於 2024 年 12 月 6 日刊登憲報，並於 2024 年 12 月 18 日提交立法會首讀，其旨在引入針對與法定貨幣掛鈎的穩定幣（「指明穩定幣」）的發行及發售監管制度（「穩定幣制度」），並將由香港金融管理局（「金管局」）監督及執行。
在本客戶通告中，我們概述草案的要點和更新內容，並分享我們對此議題的觀點，特別是：
(1) 目前已在香港營運的指明穩定幣發行人應開始採取行動，以遵守穩定幣制度下的適用監管規定，並在穩定幣制度生效後，在切實可行的情況下盡快申請穩定幣發行人牌照，以充分享有草案下過渡性安排（包括不違反期及臨時牌照）；
(2) 在穩定幣制度生效後，非持牌虛擬資產場外交易服務提供者可能無法在香港向客戶提供指明穩定幣（至少在虛擬資產場外交易發牌制度生效前）；及
(3) 向香港公眾發售及積極推廣由未獲金管局根據穩定幣制度發牌的發行人所發行的指明穩定幣（可能包括 USDT USDC 及其他在海外發行的廣泛流通的穩定幣）可能將會被禁止。
我們一直為客戶提供虛擬資產相關活動和監管牌照申請的諮詢及法律服務。如果您對《穩定幣條例草案》或本客戶通告有任何疑問，請隨時 與我們的團隊聯繫 HKBA.club DenaTrust.com
https://www.info.gov.hk/gia/general/202412/06/P2024120500422.htm
政府今日（十二月六日）於憲報刊登《穩定幣條例草案》，以在香港引入法幣穩定幣發行人的監管制度。 《條例草案》旨在完善虛擬資產活動的監管框架，以應對法幣穩定幣對金融穩...
