The following notification, from the delegation of Hong Kong, China, dated 23 September 2025, is being circulated to Members of the Council for Trade in Services.

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1  MEMBER NOTIFYING:

Hong Kong, China

2  NOTIFICATION UNDER:

Article III:3 of the General Agreement on Trade in Services

3  DATE OF ENTRY INTO FORCE:

1 August 2025

3.1  Duration:

Indefinite

4  AGENCY RESPONSIBLE FOR ENFORCEMENT OF THE MEASURE:

The Hong Kong Monetary Authority (HKMA)

5  DESCRIPTION OF THE MEASURE:

The Stablecoins Ordinance (Cap. 656) empowers the HKMA to implement a licensing regime for fiat‑referenced stablecoin (FRS) issuers. Under the Ordinance, any person who, in the course of business, issues an FRS in Hong Kong, or issues an FRS that purports to maintain a stable value with reference to Hong Kong dollars outside Hong Kong, or actively markets its issuance of FRS to the public of Hong Kong, will need to obtain a licence from the HKMA.

6  MEMBERS SPECIFICALLY AFFECTED, IF ANY:

None

7  TEXTS AVAILABLE FROM:

Stablecoins Ordinance (Cap. 656)
https://www.elegislation.gov.hk/hk/cap656

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