Caixin: Industry insiders say stablecoins used as value transfer tools for cross-border payments require a Hong Kong Customs MSO license

With the rapid global development of stablecoins in the first half of the year, many believe they offer greater potential for the internationalization of the RMB. With the Hong Kong Stablecoin Ordinance taking effect on August 1, 2025, discussions are swirling about using RMB-denominated stablecoins to counter the hegemony of the US dollar. A Hong Kong blockchain technology practitioner specializing in cross-border trade explained that according to relevant Hong Kong regulations, if a stablecoin is used as a value transfer tool for cross-border payments, its exchange for fiat currency, or remittance functions constitute money services under the Anti-Money Laundering Ordinance, requiring an MSO (Money Service Operator) license from the Hong Kong Customs and Excise Department. (Caixin.com)