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Hong Kong’s Stablecoin Ordinance to take effect August 1

Pedestrians walk past a display of cryptocurrency Bitcoin on February 15, 2022 in Hong Kong, China.
Photo: Anthony Kwan/Getty Images

Ning Zhang | Morgan Lewis, Yan Zeng | Morgan Lewis

17 min read
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A summary of the key contents of the FRS issuer licensing regime, the related stablecoin issuer sandbox, and their impact on the Web3 industry.

On June 6, 2025, the government of Hong Kong published a notice in The Gazette to appoint August 1, 2025 as the effective date for the Stablecoins Ordinance (Cap. 656) following the passage of the Stablecoins Bill on May 21, 2025.

The Ordinance’s main purpose is to supervise activities involving stablecoins, initially supervise fiat-referenced stablecoins (FRS), and

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