本次交流会由山西、江西、河南、湖北、湖南、安徽六省律师协会联合主办，安徽省律师协会承办，以“聚势促崛起，聚力向未来”为主题，吸引了中部地区六省律师协会负责人、专业委员会代表及律师同仁等200余人参会。安徽省司法厅党委书记、厅长罗建华，中华全国律师协会副会长蒋敏出席开幕式并致辞，安徽省司法厅党委委员、副厅长、一级巡视员、省律师行业党委书记张国安主持开幕式。

在“涉外法律服务”主题交流环节，张律师发表题为《中国企业赴港上市、出海攻略解读》的主题分享，深入探讨上市IPO、⁠企业出海攻略、涉外律师担任的角色等热点议题，并结合实务经验提出建设性建议。

本次会议是中部六省律师行业首次以区域协同为目标的高规格交流活动，紧扣国家“中部崛起”的重大战略决策，聚力贡献服务中部地区崛起的行业智慧，为构建跨区域法律服务协作机制奠定了重要基础。

The Hong Kong[1] Government has confirmed that the Stablecoins Ordinance will take effect on 1 August 2025,[2] requiring issuers of fiat-referenced stablecoins in Hong Kong or those pegged to the Hong Kong dollar (“HKD”) to be licensed by the Hong Kong Monetary Authority (“HKMA”).

Overview of the Stablecoins Ordinance

The Stablecoins Ordinance aligns Hong Kong’s virtual assets regulatory framework with international standards under the “same activity, same risks, same regulation” principle.

The Stablecoins Ordinance sets out a regulatory framework for activities relating to “specified stablecoins” (“Specified Stablecoins”). Specified Stablecoins, as a type of virtual assets used as a medium of exchange, maintain a stable value with reference to one or more official currencies, such as the HKD, or a digital representation of value.[3] Issuers of Specified Stablecoins in Hong Kong must obtain a licence from the HKMA and continue to comply with the comprehensive requirements.

Key Provisions of the Licensing Regime

 The Stablecoins Ordinance introduces a comprehensive regulatory framework for the issuance, offering, and marketing of Specified Stablecoins. Below are the key provisions: –

Licensing Requirement

 Any person engaging in the following activities must obtain a license from the HKMA: –

• issuing Specified Stablecoins in Hong Kong in the course of business;
• issuing Specified Stablecoins outside Hong Kong that are pegged, wholly or partly, to the HKD; and
• carrying out activities designated by the HKMA as “regulated stablecoin activities”.

 Requirements of Licensed Issuers

To obtain a licence from the HKMA for issuing Specified Stablecoins, applicants must satisfy, including but not limited to, the following minimum criteria: – [4]

 Offering Restrictions The Stablecoins Ordinance regulates not only the issuance of Specified Stablecoins, but also who can offer Specified Stablecoins, including but not limited to: –

• Licensees under the Stablecoins Ordinance;
• SFC-licensed virtual asset trading platform operators under the Securities and Futures Ordinance (Cap. 571);
• SFC-licensed corporations for Type 1 (dealing in securities) activity;
• Authorised institutions under the Banking Ordinance (Cap. 155);
• Stored value facility (“SVF”) licensees under the Payment Systems and Stored Value Facilities Ordinance (Cap. 584);

Under the new regime, Specified Stablecoins issued by HKMA-licensed issuers can be offered to retail investors; others are restricted to professional investors or exempted persons designated by the HKMA or Financial Secretary. Transitional Arrangements Existing stablecoin issuers (“Issuers”) have a three-month period from 1 August 2025 (“Effective Date”) to apply for a licence, during which they may continue regulated stablecoin activities without immediate penalty. Issuers meeting the following conditions may receive a six-month extension: –

• Submitting a license application within three months from the Effective Date;
• Receiving written confirmation from the HKMA acknowledging the application;
• Providing a written statement confirming they were conducting regulated stablecoin activities in Hong Kong before the Effective Date; and
• Providing a written undertaking to comply with regulatory requirements applicable to licensed issuers upon receiving a temporary license.

Issuers failing to apply within three months will enter a one-month wind-down period starting three months after the Effective Date. Issuers whose applications are rejected or withdrawn will enter a one-month wind-down period from the date of rejection or withdrawal, with the option to apply for an extension.AML/CFT Requirements On 26 May 2025, the HKMA released a consultation paper outlining proposed AML/CFT requirements for regulated stablecoin activities. Key proposals include, but are not limited to: –

• Customer Due Diligence (“CDD”): Conducting CDD for customers involved in issuance or redemption transactions of HK$8,000 or more, including verifying wallet ownership;
• Unhosted Wallets: Implementing enhanced monitoring, transaction limits, and screening for transfers to unhosted wallets to mitigate money laundering and terrorist financing (“ML/TF”) risks;
• Ongoing Monitoring: Using blockchain analytics to track transaction histories and detect illicit activities, with mandatory suspicious transaction reporting;
• Travel Rule Compliance: Adhering to virtual asset transfer requirements under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), ensuring due diligence on custodial wallet providers; and
• Secondary Market Monitoring: Proposing measures such as limiting primary distribution to regulated entities, using blockchain analytics, and blacklisting illicit wallet addresses to combat ML/TF risks in peer-to-peer trading.

Feedback on these proposals is due by 30 June 2025.Implications for the Virtual Asset Industry Enhanced Investor Confidence: The stringent licensing requirements, including reserve asset segregation and AML/CFT compliance, provide greater assurance to investors, reducing the risk of fraud and financial instability.

• Attracting Global Players: The Stablecoins Ordinance’s alignment with international standards and its pragmatic approach make Hong Kong an attractive destination for both traditional financial institutions and fintech startups.
• Compliance Challenges: Smaller issuers may face significant costs in meeting the HKMA’s high regulatory standards, particularly in areas like reserve management, ongoing auditing, and AML/CFT compliance.

Conclusion The Stablecoins Ordinance, set to take effect on 1 August 2025, represents a significant step forward in Hong Kong’s digital finance journey. By balancing innovation with robust regulation, the Stablecoins Ordinance enhances market integrity, protects consumers, and positions Hong Kong as a competitive player in the global virtual asset landscape. Collaboration between regulators, issuers, and industry stakeholders will be essential to ensure a smooth transition and sustainable growth in Hong Kong’s stablecoin ecosystem.For issuers, compliance with the Stablecoins Ordinance will require significant investment in legal, operational, and financial systems, especially regarding reserve asset management and AML/CFT controls. While this may raise barriers to entry for smaller or less well-capitalised firms, it is expected to enhance overall market credibility and attract established financial institutions and global fintech companies to the Hong Kong market.For investors and users, the new licensing and supervisory requirements are designed to boost confidence in the safety and reliability of stablecoins available in Hong Kong, particularly for retail users who will have access only to products issued by HKMA-licensed entities.Please contact our Partner Mr. Rodney Teoh for any enquiries or further information.This news update is for information purposes only. Its content does not constitute legal advice and should not be treated as such. Stevenson, Wong & Co. will not be liable to you in respect of any special, indirect or consequential loss or damage arising from or in connection with any decision made, action or inaction taken in reliance on the information set out herein.[1] In this article, “Hong Kong” means the “Hong Kong Special Administrative Region of the People’s Republic of China”.[2] On 21 May 2025, the Legislative Council of Hong Kong passed the Stablecoins Bill; “Stablecoins laws effective Aug 1”.[3] Section 4 of the Stablecoins Ordinance[4] Schedule 2 Part 2 of the Stablecoins Ordinance

Please contact our Partner Mr. Rodney Teoh for any enquiries or further information.

This news update is for information purposes only. Its content does not constitute legal advice and should not be treated as such. Stevenson, Wong & Co. will not be liable to you in respect of any special, indirect or consequential loss or damage arising from or in connection with any decision made, action or inaction taken in reliance on the information set out herein.

Ms Chui was joined by distinguished panellists including Dr Cheung Kwok-kwan, SBS, JP, Deputy Secretary for Justice; Peggy Au-Yeung, Principal Government Counsel at the Department of Justice; and Professor Giuliano G. Castellano, Associate Professor of Law at the University of Hong Kong. Together, they engaged in a dynamic discussion on Hong Kong’s strategic position under the “one country, two systems” framework, with a particular focus on its expanding role in cross-border legal cooperation and international arbitration.

From the left: Professor Giuliano G. Castellano, Associate Professor of Law at the University of Hong Kong; our Partner Heidi Chui; Dr Cheung Kwok-kwan, SBS, JP, Deputy Secretary for Justice; and Peggy Au-Yeung, Principal Government Counsel at the Department of Justice

The event served as a valuable platform for exploring the evolving legal landscape of Hong Kong and its growing importance as a trusted hub for international legal services. Ms Chui shared practical insights on conducting corporate operations in Hong Kong, highlighting how businesses can leverage the city’s unique legal and institutional strengths to navigate the global marketplace.

Please contact our Partner Heidi Chui for any inquiries or further information.

第七届香港法律服务论坛于2025年5月27日在西安国际会议中心圆满举办。本届论坛以“服务共建‘一带一路’ 谱写陕港合作新篇”为主题，由香港律政司、陕西省司法厅、陕西省人民政府港澳事务办公室主办，香港贸易发展局、西安市人民政府共同承办。

左起: 甘子豪律师注册外地律师﹑合伙人叶小铃律师﹑律政司司長林定國資深大律師，和合伙人徐凯怡律师

本所合伙人、诉讼及争议解决部主管，香港律师会理事徐凯怡律师，合伙人叶小铃律师和甘子豪律师注册外地律师参加了由香港大律助公会与香港律师会组成的代表团，向陕西及邻近地区的法律界和企业推介香港的国际法律及争议解决服务。

本届论坛分为上午两场主论坛和下午模拟调解两大核心环节，由具丰富处理国际及跨境法律事务经验的香港法律及争议解决专家分享他们的真知灼见，从多角度探讨企业所面对的法律问题。徐律师作为香港律师会理事﹑大中华法律事务委员会副主席及仲裁委员会委员，在模拟仲裁庭环节担任旁述，解构国际仲裁中仲裁庭如何透过律师的盘问，对事实和法律问题作出裁判。

此外，徐律师﹑叶律师和甘律师与当地企业进行“一对一”咨询，对接港澳两地法律服务需求。

论坛吸引了超过800名当地律师及业界代表出席﹐深化了陕港两地法律服务和人才培养交流合作，推动两地法律服务机构为「一带一路」高质量发展、国家企业和公民「走出去」提供优质高效的法律服务。

如阁下有任何查询或想了解更多详情，请联络本所合伙人徐凯怡律师或合伙人叶小铃律师。

在培训中，徐凯怡律师聚焦银行业监管的重点领域，深入剖析了员工激励机制、“纯执行Execution-only）”商业模式、营销推广等关键环节所涉及的合规要点。她以香港金融管理局（“金管局”）和证券及期货事务监察委员会（“证监会”）的相关监管文件为依据，结合生动的案例分析，深入浅出地讲解了银行在薪酬福利、投资产品销售等方面可能存在的合规风险与漏洞，并提出了切实可行的应对策略。

与会者积极参与互动练习和现场提问环节，气氛热烈。培训结束后，学员们表示受益匪浅，对徐律师的专业讲解和实用建议给予了高度评价。

如阁下有任何查询或想了解更多详情，请联络本所合伙人徐凯怡律师。

此次全国涉外仲裁人才培训班（香港）由司法部与香港特别行政区律政司成立的香港国际法律人才培训学院联合举办，同时得到了中国政法大学和中国法律服务（香港）有限公司的大力支持。该培训班为期两周，吸引了众多专业人士参与，其中包括国资委推荐的内地企业法律顾问，以及各地司法局和律师协会推荐的资深法律从业者，学员总数超过 80 名。培训班特别邀请了香港国际法律人才培训专家委员会成员以及本港资深法律界人士代表授课，旨在推动两地仲裁规则相互借鉴，促进人才协同发展。

徐凯怡律师以“参与国际仲裁：机遇与挑战　(Engaging in International Arbitration: Opportunities and Challenges)”为主题展开授课，深度剖析了多个关键要点，包括中国法律从业者在国际争议市场中面临的机遇、香港国际仲裁中心 2024 年规则下的标准国际仲裁流程、国际仲裁过程中的文化与程序差异，以及国际仲裁中的不同角色等。课堂上，徐律师通过互动练习，增强了学员对课程内容的认识与理解，提升了他们在国际仲裁领域的实践能力。

如阁下有任何查询或想了解更多详情，请联络本所合伙人徐凯怡律师。