Hong Kong plans to improve crypto asset capital base supervision to help banks accept compliance stablecoins

On September 8, 2025, HKMA issued to the local banking industry the exposure draft of the new module CP-1 Crypto Asset Classification of the Banking Regulatory Policy Manual (SPM), which intends to implement the new bank capital base regulations on the crypto asset regulatory standards of the Basel Committee on Banking Supervision to be implemented in early 2026. The draft regulatory guidelines make it clear that stablecoins that will be issued a compliance license by the Hong Kong Monetary Authority under the Stablecoin Ordinance in the future will be classified as a crypto asset class with lower risk exposure and enjoy far lower bank capital base requirements than the original classification in the Banking (Capital) Rules. Industry insiders pointed out that the HKMA issued timely guidelines to clarify that banks holding compliance stablecoins are expected to enjoy lower standards of capital base requirements, creating favorable conditions for the use and circulation of compliance stablecoins in the Hong Kong banking system.