Hong Kong’s Stablecoin Regime to Begin After US Sets Pace

A new set of rules governing stablecoin issuers in Hong Kong takes effect on Friday as Asian authorities step up regulatory efforts in response to President Donald Trump’s campaign to stoke the growth of tokens pegged to the US dollar.

The bill will supervise the issuance of stablecoins designed to match the price of the Hong Kong dollar, as well as sales and marketing of such assets. Firms interested in applying early for a stablecoin license in the city should do so by Sept. 30, the Hong Kong Monetary Authority said in a recent statement. The de facto central bank expects to grant the first batch of approvals early next year.