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Hong Kong's Stablecoin Rules Kick In as It Looks to Establish Its Crypto Credentials
The new rules meal that stablecoin issuers will need to apply for a license in the region.
Aug 1, 2025, 4:36 p.m.
What to know:
- Hong Kong's rules for licensing stablecoin issuers took effect on Friday.
- The special administrative region of China has taken steps in recent years to strengthen its position in the industry.
Hong Kong's rules for stablecoin issuers took effect on Friday as the government pursues its ambitions for the crypto sector.
The special administrative region of China has taken steps in recent years to strengthen its position in the industry en route to realising its goal of becoming a hub for crypto and Web3 in Southeast Asia. It established a regulatory framework for crypto exchanges more than two years ago, and started consulting on stablecoin rules in 2023.
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The law governing stablecoins, which are cryptocurrencies whose value is pegged to a real-world asset such as the dollar, passed in May. Applications for licenses can be submitted from now for the next three months, according to Hong Monetary Authority (HKMA) guidance published on Tuesday. Firms that have submitted an application will be allowed to continue while their request is being considered until Jan. 31.
While some 40 companies were reportedly waiting to apply for a stablecoin license last month, many are unlikely to be successful. The market has become "overly excited," HKMA CEO Eddie Yue wrote last month. The regulator is likely to approve fewer than 10.
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SEC Approves U.S.’ Second Crypto Index ETP with Bitwise’s BITW
The Bitwise 10 Crypto Index Fund now trades on NYSE Arca, joining the ranks of gold and oil funds in regulated exchange products.
What to know:
- The Bitwise 10 Crypto Index Fund (BITW) has received SEC approval to trade as an exchange-traded product on NYSE Arca.
- BITW offers diversified exposure to the 10 largest cryptocurrencies, including Bitcoin and Ether, and is rebalanced monthly.
- This approval marks a significant milestone for crypto indices, potentially attracting more institutional investment.
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