Hong Kong Monetary Authority Warns Against Unregulated Stablecoin Issuance

The Hong Kong Monetary Authority (HKMA) has issued a clear warning that no firm is currently licensed to issue stablecoins under its new regulatory framework. It stressed that promoting or marketing such products in the city is illegal, reinforcing its stance on ensuring compliance before any stablecoin activities can take place locally. The move highlights Hong Kong’s cautious approach to digital assets as it seeks to balance innovation with financial stability and investor protection.

The notice came shortly after AnchorX announced the launch of AxCNH, a stablecoin pegged to the offshore Chinese yuan (CNH). While the project has drawn attention, the HKMA’s warning makes it clear that such offerings remain outside the boundaries of Hong Kong’s new rules. This underscores regulators’ intent to maintain strict oversight of the emerging stablecoin sector.

What the HKMA stablecoin warning says

In a statement publicized via local media, the Hong Kong Monetary Authority (HKMA) cautioned investors that no stablecoin pegged to CNH or any currency has been approved for issuance in Hong Kong and reminded the public that marketing unlicensed stablecoins in the city is unlawful. The HKMA’s official register confirms no licensed stablecoin issuers at present.

Timeline leading to the HKMA stablecoin warning

• Aug. 1, 2025
  Hong Kong’s regulatory regime for fiat-referenced stablecoins takes effect, with guidelines gazetted and a licensing pathway established.

• Aug. 14, 2025
  HKMA and SFC warn against hype and “misleading” public claims around stablecoin plans, stressing a “high bar” and limited initial licenses.

• Sept. 17–25, 2025
  AnchorX promotes AxCNH; the firm clarifies issuance is licensed in Kazakhstan (AFSA) not Hong Kong. HKMA reiterates no licenses issued in Hong Kong.

AxCNH and jurisdiction: what’s actually licensed

AnchorX says AxCNH launched under a Kazakhstan AFSA license (Issuer of a Fiat Stablecoin) and references listings for professional clients. AFSA publicly states it granted its first stablecoin issuer license to AnchorX.KZ. None of this confers permission to issue or market a stablecoin in Hong Kong without HKMA approval.

Hong Kong’s regime: scope, standards and enforcement

Hong Kong’s rules regulate issuance, offering and marketing of fiat-referenced stablecoins in the city. Applicants face requirements on licensing, capital, reserve assets, redemption, risk management and governance. The HKMA has indicated a cautious rollout with only a handful of initial approvals. As of today, the public register remains empty. Market context: China’s stance on tokenization

This week, sources said China’s CSRC informally asked some brokers to pause real-world asset (RWA) tokenization activities in Hong Kong another sign of regulatory caution around rapid digital-asset expansion.

What this means for issuers and investors

For issuers, offshore licensing is not a substitute for Hong Kong authorization if products are issued to or marketed at Hong Kong users. For investors, the safest first step is to check the HKMA register before engaging with any stablecoin claiming Hong Kong ties. Hong Kong Monetary Authority

<section id=”howto”> <h3>How to verify a stablecoin issuer’s status in Hong Kong</h3> <ol> <li id=”step1″><strong>Step 1:</strong> Go to the HKMA’s <em>Register of Licensed Stablecoin Issuers</em> and search the name of the issuer or token.</li> <li id=”step2″><strong>Step 2:</strong> Confirm the licence number, effective date and principal place of business match the firm’s disclosures.</li> <li id=”step3″><strong>Step 3:</strong> Check the issuer’s official site for reserve, redemption and governance disclosures consistent with HKMA rules.</li> <li id=”step4″><strong>Step 4:</strong> Verify whether any marketing targets Hong Kong residents; if so, ensure HKMA licensing exists.</li> <li id=”step5″><strong>Step 5:</strong> If in doubt, contact HKMA or seek independent legal/financial advice before transacting.</li> </ol> <p><em>Note: Process may vary by jurisdiction/provider. Confirm requirements before acting.</em></p> </section>

Analysis: first test of the new framework

The episode is an early stress test of Hong Kong’s stablecoin regime: cross-border launches (e.g., AFSA-licensed AxCNH) can generate perception risk if marketing spills over into Hong Kong before HKMA licensing. Clearer communications controls and disclosures will likely become standard for firms courting the Hong Kong market.

Conclusion

Hong Kong has reinforced its stance that stablecoins cannot be issued or marketed locally without official approval from the Hong Kong Monetary Authority (HKMA). Until licences are granted, no entity is authorized to operate in this space under the city’s new framework, leaving current offerings outside the regulatory perimeter.

For issuers eyeing the Hong Kong market, compliance with the HKMA’s rulebook is essential before entering. At the same time, investors are urged to check the official HKMA register instead of relying on unverified claims circulating on social media, ensuring their choices remain within the bounds of regulated activity.

FAQs

Q : What did the HKMA say in its latest alert?

A : That no firm is licensed to issue stablecoins in Hong Kong, and marketing unapproved stablecoins locally is illegal.

Q : Is AxCNH licensed in Hong Kong?

A : No. AnchorX says AxCNH is licensed in Kazakhstan (AFSA); Hong Kong licensing is separate.

Q : When did Hong Kong’s stablecoin rules start?

A : August 1, 2025. HKMA published guidelines and opened its licensing channel.

Q : What’s the impact of the HKMA stablecoin warning on investors?

A : It signals that investors should avoid unlicensed offerings and verify issuers on the HKMA register.

Q : Could licenses be issued soon?

A : HKMA expects only a limited number initially and has set a high bar; early 2026 was indicated for first approvals.

Q : How does China’s RWA pause relate to this?

A : The CSRC’s reported pause on RWA tokenization in Hong Kong reflects broader caution around digital assets.

Q : Where can I verify a firm’s status?

A : On the HKMA Register of Licensed Stablecoin Issuers.