Convert USDT/USDC to USD for business in Hong Kong
A Hong Kong company may convert USDT or USDC to US dollars, and there are no exchange controls on the result, but it should sell through an SFC-licensed platform or another licensed channel and withdraw to an account in its own name. Under the Stablecoins Ordinance, in effect since 1 August 2025, stablecoins from issuers without an HKMA license, which on the first licenses granted in April 2026 include USDT and USDC, may be offered only to professional investors. This guide covers the legal position, licensed platforms, routes, bank checks, documents and tax.
- Hong Kong's Stablecoins Ordinance came into effect on 1 August 2025 and requires an HKMA license to issue fiat-referenced stablecoins in Hong Kong.
- Under the Ordinance, only stablecoins from HKMA-licensed issuers may be offered to retail investors, and stablecoins from unlicensed issuers are restricted to professional investors.
- The HKMA granted its first stablecoin issuer licenses on 10 April 2026 to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited.
- The SFC's list of licensed virtual asset trading platforms showed 13 platforms when checked, and the SFC urges investors to trade only on licensed platforms.
- Hong Kong sets no repatriation deadline or conversion duty on dollars, and the Hong Kong dollar is linked to the US dollar within HK$7.75 to HK$7.85.
- Under DIPN 39, digital assets received in a business transaction are valued at market value on the transaction date for profits tax.
Converting USDT or USDC to USD in Hong Kong: the short answer
Hong Kong has no rule against a company holding or selling stablecoins, and no foreign exchange controls on the dollars that result. What it does have is a licensing system that decides who may sell stablecoins to whom. Stablecoins are digital tokens designed to hold a steady value against a currency; USDT (issued by Tether) and USDC (issued by Circle) are the two most used US dollar stablecoins.
Three regimes set the position:
- The Stablecoins Ordinance, in effect since 1 August 2025, requires a license from the Hong Kong Monetary Authority (HKMA) to issue fiat-referenced stablecoins in Hong Kong, and limits retail offers to stablecoins from HKMA-licensed issuers. Stablecoins from unlicensed issuers may be offered only to professional investors.
- The Securities and Futures Commission (SFC) licenses virtual asset trading platforms (VATPs), the exchanges allowed to serve Hong Kong investors, and urges investors to trade only on them.
- Banks are authorized institutions supervised by the HKMA, and they run their own checks on money that comes from stablecoin sales.
The HKMA granted its first stablecoin issuer licenses on 10 April 2026, to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited. Neither Tether nor Circle was among them. So for a Hong Kong company, the practical question is not whether it may convert USDT, but whether the platform it uses is licensed and whether the company qualifies to be offered a stablecoin from an unlicensed issuer.
This page is specific to Hong Kong. For the general mechanics of networks, wallet addresses and issuer redemption, see our general guide on converting USDT to USD in a business account.
The legal position for Hong Kong companies
The Stablecoins Ordinance regulates fiat-referenced stablecoins: tokens that aim to keep a stable value by reference to one or more official currencies, which includes USDT and USDC. It governs issuing and offering them. The table summarizes the points that affect a business converting them.
| Point | What the regime says |
|---|---|
| Who needs an HKMA license | Issuers of fiat-referenced stablecoins in Hong Kong, issuers of Hong Kong dollar-referenced stablecoins outside Hong Kong, and those actively marketing such stablecoins to the Hong Kong public |
| Offers to retail investors | Only stablecoins from HKMA-licensed issuers |
| Stablecoins from unlicensed issuers | Restricted to professional investors |
| Who may offer stablecoins | HKMA-licensed issuers, SFC-licensed VATPs, SFC-licensed Type 1 corporations and authorized institutions (banks) |
| First licenses | Granted on 10 April 2026 to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited |
| Transition | Existing issuers had to apply by 31 October 2025; those that did not entered a closing down period from 1 November 2025 |
Sources: Davis Polk, Hong Kong's licensing and regulatory framework for stablecoins now in effect; HKMA press release of 10 April 2026. as published on 29 October 2026. This table is a summary, not legal advice.
What this means for USDT and USDC
Because neither issuer was in the first group of HKMA licensees, USDT and USDC count as stablecoins from unlicensed issuers for Hong Kong purposes, unless the HKMA register shows otherwise when you check. Under the regime as summarized by Davis Polk, a licensed platform or bank may offer them only to professional investors. A professional investor is a person or company that meets the asset or portfolio thresholds in the Securities and Futures (Professional Investor) Rules. Ask the platform how it classifies your company before you plan around it.
Receiving stablecoins as payment
The Ordinance is about issuing and offering stablecoins. The summary cited does not address a business receiving a stablecoin from a customer as payment for goods, so receiving USDT from a buyer abroad is not, on these sources, a regulated act for the receiving company. The regulated step comes when the company sells the tokens: it must sell them to, or through, someone allowed to deal with it.
No exchange controls
The Hong Kong dollar has been linked to the US dollar since 17 October 1983 within a band of HK$7.75 to HK$7.85, and the HKMA pages cited in our USD business account in Hong Kong guide set no deadline to repatriate export proceeds and no duty to sell dollars. Once the tokens are converted, the dollars can stay in dollars.
SFC-licensed platforms
The SFC publishes the list of licensed virtual asset trading platforms. It showed 13 when we checked. The table reproduces it in order of license date; it is not a ranking and not a recommendation.
| Platform | Licensed entity | Licensed on |
|---|---|---|
| OSL Exchange | OSL Digital Securities Limited | 15 December 2020 |
| HashKey Exchange | Hash Blockchain Limited | 9 November 2022 |
| HKVAX | Hong Kong Virtual Asset Exchange Limited | 3 October 2024 |
| HKbitEX | Hong Kong Digital Asset EX Limited | 18 December 2024 |
| Accumulus | Accumulus GBA Technology (Hongkong) Co., Limited | 18 December 2024 |
| DFX Labs | DFX Labs Company Limited | 18 December 2024 |
| EX.IO | EXIO Limited | 18 December 2024 |
| PantherTrade | Panthertrade (Hong Kong) Limited | 27 January 2025 |
| YAX | YAX (Hong Kong) Limited | 27 January 2025 |
| Bullish | Bullish HK Markets Limited | 18 February 2025 |
| BGE | Hong Kong BGE Limited | 17 June 2025 |
| VDX | Victory Fintech Company Limited | 13 February 2026 |
| Bixin.com | NewBX Limited | 18 May 2026 |
Source: Securities and Futures Commission, Lists of virtual asset trading platforms. as published on 29 October 2026.
The SFC urges investors to trade virtual assets only on SFC-licensed platforms. It notes that applicants that are deemed to be licensed are not formally licensed, and warns that trading on an unregulated platform, including an overseas one, can lead to the loss of the entire investment if the platform fails, is hacked or misappropriates assets, and that recourse against a platform with no Hong Kong connection may be difficult.
Before opening a corporate account, ask the platform four things in writing: whether it trades USDT or USDC against USD for corporate clients; whether your company will be classed as a professional investor; whether it pays out USD to a Hong Kong bank account in the company's name; and its limits and settlement times for corporate withdrawals.
Routes Hong Kong businesses use, and their risks
Hong Kong companies use five routes. They differ in who is licensed to deal with them and in how cleanly the money arrives at the bank.
| Route | How it works | What arrives | Watch for |
|---|---|---|---|
| SFC-licensed platform | Corporate account; sell USDT or USDC for USD and withdraw | USD or HKD to the company's bank account | Professional investor classification for unlicensed-issuer stablecoins; onboarding time |
| Bank or Type 1 firm offering stablecoins | An authorized institution or SFC-licensed broker deals with the company | USD credited by the bank | Availability for your company; same professional investor point |
| OTC desk or shop | A dealer quotes a price for a block and settles by bank transfer or cash | USD, HKD or cash | A 2024 proposal would license OTC dealing; check the dealer's status and that it pays from a company account |
| Overseas platform | Sell on a platform licensed elsewhere, withdraw to Hong Kong | USD by SWIFT | SFC warning on unregulated platforms; bank questions on the source of funds |
| P2P | An individual buys your tokens and pays from a personal account | HKD or USD from a third party | Third-party credits; disputes; no invoice trail |
Source: Helm Editorial Team, drawing on the SFC VATP list, Davis Polk's summary of the Stablecoins Ordinance and King and Wood Mallesons on the 2024 OTC proposal. as published on 29 October 2026.
OTC desks and money changers
Over-the-counter (OTC) dealing means a dealer quotes one price for a block of tokens and settles directly with the client. In a 2024 consultation, which cited about 200 shops in Hong Kong that exchange virtual assets for money, the Financial Services and the Treasury Bureau proposed that anyone in the business of exchanging virtual assets for money over the counter should need a license, and that stablecoins dealt by licensees should be those issued by HKMA-licensed issuers. Money service operators (MSOs), the businesses licensed in Hong Kong to exchange currency or send money, are licensed by the Customs and Excise Department. Check what license a dealer holds today and get every settlement from an account in the dealer's company name, never in cash.
Why the paper trail matters more than the price
Hong Kong banks carry out customer due diligence on where money comes from. A USD credit from an SFC-licensed platform, with a conversion statement that matches the invoice behind the tokens, is a routine inflow. Cash from an OTC shop, or transfers from individuals, are the pattern that leads a bank to ask questions or, in the worst case, to close the account. A slightly better rate is rarely worth that risk.
Getting USD into an account in the company's name
The end point is a USD account in the Hong Kong company's exact registered name, at a bank or a licensed provider. CHATS is the Clearing House Automated Transfer System, Hong Kong's real-time system for settling payments between banks; its US dollar version lets a licensed platform pay a Hong Kong bank account in dollars without going through SWIFT. SWIFT is the international network banks use for cross-border payments.
| Point | Detail | What it means |
|---|---|---|
| Linked exchange rate | HK$7.75 to HK$7.85 per US dollar since 17 October 1983 | Holding USD carries little currency risk against HKD |
| USD CHATS | Real-time USD payments between Hong Kong banks, launched in August 2000 | Platform withdrawals to a Hong Kong bank can settle locally in USD |
| Incoming SWIFT fee, example | HK$65 per incoming SWIFT payment at HSBC Hong Kong | Applies when USD arrives from an overseas platform |
| Repatriation | No deadline or conversion duty in the HKMA pages cited | Dollars can stay in USD until needed |
Sources: HKMA, Linked Exchange Rate System and Payment Systems pages; HSBC Hong Kong, Commercial Banking complete tariffs, August 2026. as published on 29 October 2026.
Tell your bank before the first large credit that the company will receive USD from the sale of stablecoins, name the platform, and offer the source-of-funds file described below. A bank that knows what to expect is far less likely to hold a payment for review.
If the company pays suppliers in dollars, it can keep the proceeds in USD and pay from the same account. Our guide on how to pay suppliers in China covers that side.
Documents a platform and a Hong Kong bank will ask for
Corporate onboarding at a licensed platform is close to opening a corporate bank account, with one addition: the evidence the platform needs to classify the company. A significant controller is a person with significant control over a Hong Kong company, recorded in a register the company must keep.
| Document | Who asks | Why |
|---|---|---|
| Certificate of incorporation and business registration certificate | Platform and bank onboarding | Company identity |
| Register of significant controllers and ownership chart | Platform and bank onboarding | Shows who owns and controls the company |
| Board resolution naming authorized traders and signatories | Platform onboarding | Authority to trade and withdraw |
| Evidence for professional investor status, such as audited accounts | Platform | Needed to be offered stablecoins from unlicensed issuers |
| Invoice or contract behind each receipt | Platform and bank source-of-funds questions | Shows the commercial reason for the tokens |
| Sender wallet address and transaction hash | Platform deposit review | Proves where the tokens came from |
| Platform conversion statement | Bank, auditor and tax adviser | Shows the rate and the amount realized |
Source: Helm Editorial Team, typical requirements; each platform and bank sets its own. as published on 29 October 2026.
The transaction hash is the unique identifier of a transfer on the blockchain. Save it for every receipt with the date, amount and sending address, and ask each customer to pay from the same addresses every time.
Tax points for Hong Kong companies
The Inland Revenue Department set out its approach to digital assets in Departmental Interpretation and Practice Notes No. 39 (DIPN 39), revised in 2020. As summarized by PwC tax professionals in the HKICPA's A Plus journal, the note is not binding but shows how the department reads the law.
| Situation | Treatment under DIPN 39 |
|---|---|
| Tokens received as payment for goods or services | Accrued at the prevailing market value on the date of the transaction |
| Tokens held as long-term investment | Gains on disposal are capital in nature and not chargeable to profits tax |
| Trading, exchange or mining | Can amount to a trade, depending on frequency, organization and profit motive (the badges of trade) |
| Source of profits | Decided by what operations produced the profits and where they took place |
Source: HKICPA A Plus, IRD issues guidance on cryptocurrency taxation (27 April 2020). as published on 29 October 2026. Take advice from a Hong Kong tax adviser.
For a trading company paid in USDT, the sale is the taxable event, valued at market on the day, and the stablecoin is usually converted soon after. Record the USD value at receipt and the USD realized at conversion; the small difference is part of the trade, not an investment gain.
Where Helm fits for Hong Kong companies
Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm provides USD account details in the Hong Kong company's own name, with a routing and account number that receives ACH, Fedwire and SWIFT, alongside EUR and GBP details. Its digital dollars feature lets the account receive, send and convert USDC and USDT to USD inside the account.
- Trading companies paid in stablecoins by buyers abroad can convert to USD and pay suppliers from the same account by SWIFT or local rails, with the rate, fee and expected arrival shown before sending.
- Collections from buyers abroad can be held in USD or converted between balances.
- Trade finance, such as supplier finance, receivables finance and working capital, is arranged case by case.
Helm's stablecoin features are available only where the company may lawfully use them, and they are not a way around the Stablecoins Ordinance or the SFC regime; take advice on your company's position. Each account has a named account manager, and review questions are answered in writing within one business day. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
A checklist before your company converts
- Check the platform on the SFC's list of licensed VATPs, not the deemed-licensed list.
- Check the HKMA register to see whether the stablecoin's issuer is licensed.
- Ask how the platform will classify your company, and prepare the evidence for professional investor status.
- Open the account in the company's registered name.
- Confirm the network and send a small test amount first.
- Withdraw USD only to an account in the company's own name.
- Tell your bank in advance and keep the source-of-funds file ready.
- Record the USD value at receipt and at conversion for profits tax.
- Avoid cash settlement with OTC shops.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Is it legal for a Hong Kong company to convert USDT to USD?
Yes. Hong Kong does not prohibit companies from holding or selling stablecoins. The Stablecoins Ordinance and the SFC regime decide who may offer and trade them, so convert through an SFC-licensed platform or another licensed channel and withdraw to an account in the company's name.
Are USDT and USDC licensed under Hong Kong's Stablecoins Ordinance?
The HKMA's first stablecoin issuer licenses, granted on 10 April 2026, went to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited. Tether and Circle were not among them, so check the HKMA register for the current position.
Can a small Hong Kong company buy or sell USDT on a licensed exchange?
Stablecoins from unlicensed issuers may be offered only to professional investors under the Stablecoins Ordinance, as summarized by Davis Polk. Whether your company qualifies depends on the thresholds in the Securities and Futures (Professional Investor) Rules, so ask the platform how it will classify you.
Which crypto exchanges are licensed in Hong Kong?
The SFC's list showed 13 licensed virtual asset trading platforms when we checked, including OSL Exchange, HashKey Exchange, HKVAX and Bullish. The SFC urges investors to trade only on licensed platforms and notes that deemed-licensed applicants are not formally licensed.
When did the Stablecoins Ordinance take effect?
On 1 August 2025. Issuers already operating had to apply for a license by 31 October 2025, and those that did not entered a closing down period from 1 November 2025.
Are OTC crypto shops in Hong Kong licensed?
A 2024 government consultation proposed licensing anyone in the business of exchanging virtual assets for money over the counter. Check what license a dealer holds today, and accept settlement only by bank transfer from the dealer's company account.
Does Hong Kong have exchange controls on USD from stablecoin sales?
No. The Hong Kong dollar is linked to the US dollar within HK$7.75 to HK$7.85, and the HKMA pages cited set no repatriation deadline or duty to convert. Dollars from a conversion can stay in USD.
How are stablecoins received by a business taxed in Hong Kong?
Under DIPN 39, as summarized in the HKICPA's A Plus journal, digital assets received in a business transaction are valued at market value on the transaction date. Gains on assets held as long-term investments are capital and not chargeable to profits tax.
Why might a Hong Kong bank question a USD credit from a stablecoin sale?
Banks carry out customer due diligence on the source of funds. A credit from a licensed platform with a conversion statement and the underlying invoice is routine; cash deposits or transfers from individuals are more likely to be reviewed.
References
- Davis Polk: Hong Kong's licensing and regulatory framework for stablecoins now in effect
- Hong Kong Monetary Authority: Granting of stablecoin issuer licenses (10 April 2026)
- Securities and Futures Commission: Lists of virtual asset trading platforms
- King and Wood Mallesons: HK proposes to regulate OTC virtual asset brokerage services
- Hong Kong Monetary Authority: Linked Exchange Rate System
- Hong Kong Monetary Authority: Payment Systems (HKD, USD, Euro and RMB CHATS)
- HSBC Hong Kong: Commercial Banking complete tariffs, August 2026
- HKICPA A Plus: IRD issues guidance on cryptocurrency taxation (DIPN 39)
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.