Hong Kong has rolled out a long-awaited regulatory framework for fiat-backed stablecoins, marking a significant step in its digital asset oversight.
Effective August 1, the new rules require all stablecoin issuers to secure a license from the Hong Kong Monetary Authority (HKMA), with a six-month grace period for existing operators.
The regime also addresses key operational areas, including reserve asset management, anti-money laundering controls, and redemption mechanisms — measures seen as strict but ultimately signaling strong government recognition of stablecoins.
The announcement has triggered a wave of fundraising in the local fintech sector. Reuters reports that at least 10 Hong Kong-listed firms have raised a combined $1.5 billion via share placements, aiming to channel funds into stablecoins, blockchain payment systems, and broader crypto ventures. Notable players include OSL Group, which completed a $300 million equity financing round in late July, as well as Dmall Inc. and AI leader SenseTime Group.
This surge in activity aligns with a broader wave of pro-crypto momentum across Asia, partly spurred by U.S. President Donald Trump’s regulatory push at home. His signing of the GENIUS Act in mid-July — the first major U.S. digital asset bill — has added credibility to stablecoin markets and reinforced cross-border interest.
Other Asian economies, including South Korea, Malaysia, Thailand, and the Philippines, are also showing heightened appetite for regionally pegged stablecoins, even as most of the $256 billion stablecoin market remains tied to the U.S. dollar. In South Korea, for example, trades involving USDC, USDT, and USDS on domestic exchanges hit $41 billion in Q1 2025. The ruling party has floated the Digital Asset Basic Act to allow legally issued won-based stablecoins, though the proposal remains contentious among lawmakers.
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Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/hong-kong-fintechs-raise-1-5b-after-new-stablecoin-rules-kick-in/