Three live regimes in 2026 — HKMA Stablecoins Ordinance Cap. 656 (in force 1 August 2025), MAS single-currency stablecoin framework (finalised August 2023), JFSA Electronic Payment Instruments regime (Chapter III-3 PSA, in force June 2023, reserve rules relaxed June 2026).
HKMA issued the first two stablecoin-issuer licences on 10 April 2026 — to HSBC and Anchorpoint Financial (Standard Chartered / HKT / Animoca Brands JV) — out of 36 applicants received by 30 September 2025. The first batch covers HKD-referenced and multi-fiat-referenced programmes; no pure USD-referenced stablecoin has been HKMA-licensed yet.
The MAS SCS framework supports G10-currency-pegged issuance. HKMA has not yet licensed a pure USD-referenced stablecoin — the first batch focused on HKD and multi-fiat. Japan's EPI regime is currently structured around yen and trust-type stablecoins.
HKD 25M paid-up share capital plus HKD 3M liquid capital, plus excess liquid capital ≥ 12 months opex. The licence carries the Cap. 656 obligations on reserves, redemption and audit.
From the first cohort: applications received by 30 September 2025; first two licences issued 10 April 2026 — roughly 6 months from cohort close, with substantial pre-application work in the months preceding the cohort opening.
Yes — the MAS framework licenses non-bank issuers under PSA with prescribed reserve, audit and redemption obligations.
The 6 June 2025 PSA amendment, in force by June 2026, permits up to 50% of stablecoin reserves to be held in JGBs or US Treasuries (≤3 months residual maturity) or early-termination time deposits. This makes Japan competitive vs HK and SG for yen-backed and trust-type stablecoin issuance.
A 30-minute scoping call with the country lead. HKMA, MAS or JFSA — written approach, capital plan and audit cadence.