HKMA enforces a new stablecoin licensing regime from 1 Aug 2025, demanding strict AML/KYC, full reserve backing, and cracking down on false licensing claims to boost transparency and fight FC

Effective from 1 August 2025, the new guidelines set clear supervisory expectations, particularly emphasizing robust anti-money laundering (AML) and counter-financing of terrorism (CFT) controls to enhance the integrity and security of stablecoin operations. The HKMA has also issued stern warnings against false claims of licensing or application status, underscoring that such misrepresentations are offences under the Stablecoins Ordinance…