-
Back to menu
Prices
-
Back to menu
-
Back to menu
Indices -
Back to menu
Research
-
Back to menu
Events -
Back to menu
Sponsored
-
Back to menu
Videos -
Back to menu
-
Back to menu
-
Back to menu
Webinars
Select Language
By Camomile Shumba|Edited by Sheldon Reback
Aug 1, 2025, 4:36 p.m.

- 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.
STORY CONTINUES BELOW
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.
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
More For You
By Jesse Hamilton|Edited by Stephen Alpher
1 hour ago

Winklevoss shared “significant concerns” with CoinDesk about Brian Quintenz running the agency, revealing the industry isn’t entirely behind Trump’s nominee.
What to know:
- Tyler Winklevoss, co-founder of crypto exchange Gemini, shared serious issues he has with President Donald Trump’s pick to be chairman of the Commodity Futures Trading Commission, the agency that’s likely to be a leading U.S. regulator of crypto markets.
- The prominent crypto insider and regular visitor to the White House objected to several positions held by former CFTC Commissioner Brian Quintenz, which he outlined in an interview with CoinDesk.
- Quintenz’s Senate confirmation process was suddenly placed on hold this week, and it’s uncertain when or if it may get back on track.