HKMA Denies Reports of Offshore RMB-Pegged Stablecoin Issuance in Hong Kong
Hong Kong’s financial regulator reiterates that no yuan-backed stablecoin issuers have been licensed, urging investors to remain cautious of unapproved projects under the city’s new framework.
Summary
The Hong Kong Monetary Authority (HKMA) has reiterated that it has not issued any licenses for yuan-backed stablecoins and urged investors to remain cautious of unapproved issuers. The regulator’s warning follows earlier reports surrounding the launch of offshore RMB-pegged stablecoins like AxCNH by AnchorX. This announcement underscores the HKMA’s strict enforcement of its new stablecoin regulations, which took effect in August 2025, and highlights its ongoing effort to prevent unauthorized promotion or issuance of such products in Hong Kong.
Terms & Concepts
- Stablecoin Ordinance: Hong Kong’s regulatory framework for fiat-backed stablecoin issuance and related activities, effective August 1, 2025.
- Fiat-Backed Stablecoin: A cryptocurrency pegged to a fiat currency's value, backed by reserves to maintain stability.
- HKMA License: An official authorization from the Hong Kong Monetary Authority required for legal stablecoin issuance or promotion in Hong Kong.