When the Stablecoins Ordinance comes into effect on August 1, 2025, Hong Kong will officially enter a new stage of evolution in its digital asset ecosystem. The core of this transformation is the landmark Anti Money Laundering (AML) guidelines issued by the Hong Kong Monetary Authority (HKMA). These guidelines are not simply a list of programs – they represent a intentionally designed and carefully constructed framework aimed at shaping a new generation of licensed, transparent, and globally trusted stablecoins.
Although these guidelines reiterate familiar regulatory pillars such as Customer Due Diligence (CDD) and Suspicious Transaction Reporting (STR), they introduce a decisive and globally significant requirement: the identity of each stablecoin holder must be continuously verifiable. This is not a one-time onboarding check; This is about maintaining an ecosystem where all participants in the value chain are known and identifiable.
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This rule may seem simple, but it has a transformative scope: licensed stablecoins can only be transferred to wallet addresses that have been confirmed to belong to verified individuals or entities. Verification can be performed by the issuer itself, regulated financial institutions, or trusted third-party providers. In short, HKMA envisions a stablecoin environment without anonymous corners, replacing opacity with accountability.