HKMA confirms rules take effect August 1, warns against scams and unlicensed issuers.The Hong Kong Monetary Authority (HKMA) has finalized its regulatory framework for stablecoin issuers, with the new guidelines set to take effect on August 1, 2025. The central banking authority also announced the launch of a public registry to list licensed stablecoin issuers and increase transparency within the region’s evolving digital asset landscape.
Released Tuesday, the finalized framework includes two core sets of rules: one focused on licensing and supervision, and the other on Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) obligations. The HKMA urged the public to consult its upcoming registry for official, approved entities and cautioned against trusting any group claiming to be licensed ahead of the formal rollout.
“As of today, no licence has been issued by the HKMA,” the authority stated. “Members of the public who hold unlicensed stablecoins are at their own risk.”
HKMA warns against Stablecoin hype as Shenzhen flags rising scam activity
The regulator noted an uptick in market hype and misleading promotions surrounding stablecoins. HKMA Chief Executive Eddie Yue addressed the issue last Thursday, saying some proposals received lacked technical feasibility and implementation plans. He noted that speculative trading around unlicensed stablecoins had contributed to artificial volume spikes and stock price surges.
Yue clarified that only a limited number of licenses will be granted initially, and that many applicants fell short of regulatory standards. He encouraged serious applicants to begin engagement with the HKMA by August 1 and to submit full applications no later than September 30 for consideration in the first round.
Meanwhile, authorities in Shenzhen have also issued a warning regarding the rise of stablecoin-related scams, alerting residents to illegal offerings disguised as crypto investments.
Corporate interest grows as JD.com registers Stablecoin trademarks
As regulatory clarity around stablecoins increases, major corporations are preparing to enter the space. JD.com, one of China’s largest e-commerce platforms, has recently registered the trademarks “JCOIN” and “JOYCOIN”, signaling potential stablecoin launches aligned with Hong Kong’s upcoming rules.
According to trademark filings, the services linked to these names include blockchain-based electronic fund transfers and cryptocurrency financial transactions. The move is seen as part of JD.com’s broader digital finance strategy under its subsidiary JD Coin Chain.
JD Coin Chain has been actively engaged in the Hong Kong Monetary Authority (HKMA)’s sandbox program, which supports innovation in regulated stablecoin use. In July 2024, the entity partnered with Stardust Bank—a virtual bank backed by Xiaomi and Futu—to explore cross-border payment solutions using stablecoins within the sandbox framework.