"Regulatory Regime for Stablecoin Issuers" at a glance

Stablecoins are virtual assets that are designed to maintain a stable value relative to certain assets (such as currencies or gold). Most stablecoins in the market are linked to fiat currencies as their reference assets, known as "fiat-referenced stablecoins (FRS)," and are increasingly becoming closely linked to traditional financial and economic activities.

In May 2025, the Legislative Council passed the Stablecoin Ordinance, introducing a regulatory regime for FRS issuers in Hong Kong to safeguard user interests and financial stability as well as to promote financial innovation. Below is an overview of the regime that helps you quickly grip the key points of the regime: