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ARTICLE · 30 JULY 2025

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Hong Kong's Stablecoin Bill: Key Amendments And Next Steps Following Legislative Passage

Mayer Brown
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On 21 May 2025, the Hong Kong Legislative Council passed the much-anticipated Stablecoins Bill ("Bill"), now citable as the Stablecoins Ordinance ("Ordinance")...

Hong KongTechnology
Amita Kaur Haylock
Amita Kaur Haylock
Justin Lai
Justin Lai
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On 21 May 2025, the Hong Kong Legislative Council passed the much-anticipated Stablecoins Bill ("Bill"), now citable as the Stablecoins Ordinance ("Ordinance"), marking a significant milestone in the city's ambition to become a leading international hub for virtual assets.

First gazetted in December 2024, the Ordinance establishes a comprehensive regulatory regime for the eponymous digital assets, introducing a licensing framework for stablecoin issuers and service providers, and setting out robust requirements for reserve management, redemption, risk controls, and governance.

While the core features of the Ordinance remain as previously summarized in our previous article regarding the Bill — mandatory licensing for stablecoin issuers, strict reserve asset requirements, redemption rights for holders, and broad enforcement powers for the Hong Kong Monetary Authority ("HKMA") — the Ordinance incorporates several notable amendments. These changes, together with

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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