Virtual asset-related activities in relation to relevant stablecoins issued by licensed stablecoin issuers (2026-05-27)

Circulars Email: HKMA E-mail Alert of 28 May 2026 (05:00 p.m. HKT)

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Title: Virtual asset-related activities in relation to relevant stablecoins issued by licensed stablecoin issuers (2026-05-27)

Type: Circulars

URL: https://brdr.hkma.gov.hk/eng/doc-ldg/current/20260527-2-EN

Email Received: 2026-05-28 19:24

Summary Created: 2026-05-28 14:01

English Summary (5024 chars)
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Management Summary
  • Purpose / Background: Following the commencement of the Stablecoins Ordinance (Cap. 656) on 1 August 2025, the HKMA and SFC have updated the regulatory framework for Registered Institutions (RIs). This circular provides tailored guidance for activities involving "Relevant Stablecoins" (RS), distinguishing their risk profile from other virtual assets (VAs) due to their pegging to official currencies and payment-token nature.
  • One-line conclusion: The regulatory burden for RIs dealing with licensed stablecoins is significantly streamlined, removing several restrictive "professional investor-only" and "VA-knowledge" requirements applicable to other virtual assets.
  • Key Changes:
  • RIs may now partner with VATPs subject to "Professional Investor-only" (PIO) conditions to serve retail clients.
  • Removal of VA-knowledge test and client exposure limits for "Relevant Stablecoin-only" dealing services.
  • High liquidity requirements for VAs no longer apply to Relevant Stablecoins.
  • Type 9 registration is not required for portfolios containing *only* Relevant Stablecoins.
  • Relevant Stablecoin-related products are not automatically classified as "complex products," exempting them from many standard VA-related selling restrictions.
  • Key Dates / Deadlines: Effective immediately (27 May 2026). RIs must notify the HKMA/SFC in advance before commencing new RS-related activities or making material changes to existing ones.
  • Applicability / Impact scope: All Registered Institutions (RIs) engaging in dealing, advisory, asset management, or distribution of products related to Relevant Stablecoins.
  • Recommended management actions:
  • Update internal compliance policies to differentiate between "Relevant Stablecoin-only" activities and general VA services.
  • Implement disclosures regarding the stabilization and redemption mechanisms of Relevant Stablecoins.
  • Review and update client onboarding/suitability frameworks for Relevant Stablecoin-only accounts.
  • Conduct gap analysis on existing VA-related training to incorporate new exemptions.
  • Formally notify the HKMA/SFC if currently engaging in or planning to initiate RS-related activities.
Detailed Summary
  1. Document overview: This circular clarifies the regulatory treatment of activities involving "Relevant Stablecoins" (RS) issued by HKMA-licensed issuers. It functions as a modification to the existing "Joint Circular" and "Supplemental Joint Circular," providing a more permissive framework for RS compared to general VAs.
  1. Main requirements:
  • Dealing: RIs can partner with HKMA-licensed issuers or VATPs (including those with PIO conditions).
  • Advisory: Standard suitability obligations apply, but with a streamlined assessment for RS-only clients. Must emphasize client use-case and avoid conflicts (e.g., rebate-driven advice).
  • Asset Management: Portfolios exclusively holding RS do not require Type 9 registration.
  • Product Distribution: RS-related products are assessed on a case-by-case basis; they are not inherently "complex" and do not mandate a VA-knowledge test.
  1. Key changes:
  • Registration/Client Restrictions: RS-only dealing/advisory services are no longer restricted to clients already registered for Type 1 or Type 4 activities.
  • Investor Protection: High liquidity requirements are removed. VA-knowledge tests and exposure limits are waived for RS-only client accounts.
  • Complex Product Status: The presumption of high risk and complex nature of VA products is removed for RS-related products.
  1. Important dates & transition: Effective 27 May 2026. Ongoing obligation to notify HKMA/SFC in advance of any material changes to RS-related operations.
  1. Impact and risks: Operational impact includes updating systems to distinguish between RS-only and general VA accounts. Risk management must now account for specific RS stabilization and redemption disclosures rather than general VA volatility warnings.
  1. Compliance action checklist:
  • [ ] Update institutional policies for Relevant Stablecoin service offerings.
  • [ ] Revise client disclosure documents to include RS stabilization/redemption mechanics.
  • [ ] Map all RS-related product offerings against the "complex product" criteria.
  • [ ] Establish segregated accounts with HKMA-licensed issuers for custody where applicable.
  • [ ] Train front-line staff on the simplified RS-only suitability assessment process.
  1. Appendices/attachments summary:
  • Appendix A1: Sets out updated terms and conditions for licensed corporations or RIs providing VA dealing and advisory services, incorporating the new exemptions for Relevant Stablecoins.
  • Appendix A2: Contains the revised terms and conditions for managing portfolios that invest in virtual assets, specifically adjusting requirements for those solely focused on Relevant Stablecoins.
中文摘要 (2003 chars)
快速切換摘要區塊
管理層摘要
  • 目的/背景： 隨著《穩定幣條例》（SO）於2025年8月1日生效，香港金管局（HKMA）與證監會（SFC）發布此指引，針對「受規管穩定幣」（Relevant Stablecoins）相關活動調整既有的虛擬資產（VA）監管框架。鑒於穩定幣與一般虛擬資產風險特徵不同，監管機構對其相關服務給予更適度的彈性。
  • 一句話結論： 針對受規管穩定幣的交易、諮詢、資產管理及產品分銷業務，金管局豁免了部分針對一般虛擬資產的嚴格限制（如專業投資者要求、虛擬資產知識測試、高流動性要求等），以降低門檻並促進合規業務開展。
  • 關鍵變更：
  1. 允許註冊機構（RI）與持有牌照的穩定幣發行商或受規管交易平台（VATP）合作，即便該平台受「僅限專業投資者」（PIO）條件限制。
  2. 移除 RI 提供穩定幣相關服務時的特定機構限制（如不必僅限於第1類受規管活動客戶）。
  3. 豁免「虛擬資產知識測試」及「投資組合高流動性」要求。
  4. 簡化適當性測試，且計算客戶風險限額時，穩定幣持倉可排除在外。
  5. 放寬部分產品分銷限制，不再視穩定幣相關產品為必然的「複雜產品」。
  6. 針對穩定幣投資組合，若不包含其他 VA，則無需申請第9類受規管活動牌照。
  • 重要日期 / 截止日： 即日（2026年5月27日）生效。
  • 適用對象 / 影響範圍： 從事受規管穩定幣相關業務的註冊機構（RIs）。
  • 管理層建議行動：
  1. 政策修訂： 更新內部關於虛擬資產服務的政策與合規手冊，區分「受規管穩定幣」與「其他虛擬資產」的適用標準。
  2. 系統調整： 調整客戶適當性評估流程與風險限額計算邏輯，將穩定幣持倉自 VA 曝險計算中剔除。
  3. 員工培訓： 針對前線銷售與合規團隊進行培訓，明確新舊業務條款的差異。
  4. 預先通知： 若擬開展穩定幣相關業務或有重大變更，務必提前通知金管局及證監會。
  5. 資訊披露： 建立針對穩定幣穩定機制及贖回安排的必要披露清單。
詳細摘要

1) 文檔概述
本文檔為 HKMA 與 SFC 聯合指導文件，旨在調整註冊機構（RI）處理「受規管穩定幣」相關活動（交易、諮詢、資產管理、產品分銷）的監管要求，使其區別於一般虛擬資產，並結合《穩定幣條例》進行合規對接。

2) 主要要求

  • 交易與諮詢： RI 可與獲批的穩定幣發行商或 VATP 合作。取消對交易資格的特定牌照限制（如不限於第1類活動），並豁免虛擬資產知識測試。
  • 風險管理： 在計算客戶虛擬資產曝險限額時，受規管穩定幣可排除在外；不再要求穩定幣具備「高流動性」。
  • 適當性評估： 雖穩定幣被視為非複雜產品，但 RI 仍須基於客戶的使用需求（use case）進行審慎分析，並確保利益衝突得到管理。
  • 資訊披露： 銷售時必須明確披露穩定機制及贖回安排。

3) 關鍵變更

  • 複雜性認定： 受規管穩定幣產品不再自動被歸類為「複雜產品」，亦不適用關於專業投資者（PI）的銷售限制。
  • 牌照要求： 若投資組合僅包含受規管穩定幣，無需額外申請第9類資產管理牌照。
  • 警告聲明： 對於非複雜的穩定幣相關產品，豁免部分強制性警告聲明要求；但若涉及衍生工具或槓桿交易，仍需評估客戶淨資產。

4) 重要日期與過渡安排

  • 生效日期： 2026年5月27日。
  • 監管申報： 開展相關業務前，RI 必須執行「預先通知」程序。

5) 對機構的影響與風險

  • 營運： 流程簡化，有利於吸引零售客戶，但需建立穩定幣特定合規檔位。
  • 合規： 需明確區分客戶帳戶類型（如是否為純穩定幣帳戶），以免因操作失誤導致違規。

6) 合規動作清單 (Checklist)

  • [ ] 更新內部程序手冊（SOP）以納入穩定幣豁免條款。
  • [ ] 調整 CRM 或交易系統中的客戶風險曝險計算模型。
  • [ ] 建立穩定幣產品資訊披露文件（包含穩定機制/贖回說明）。
  • [ ] 審查合作夥伴（穩定幣發行商/VATP）的牌照資格與穩定性。
  • [ ] 提交業務變更通知（若已從事 VA 相關業務）。

7) 附件/附錄摘要

  • Appendix A1： 更新了針對提供虛擬資產交易及諮詢服務的條款與條件（Terms and Conditions），修訂了相關註冊條件。
  • Appendix A2： 更新了針對管理虛擬資產投資組合的 RI 的條款與條件，納入了有關受規管穩定幣管理的特定要求。