News - South China Morning Post
· collected 2026-09-06 · by Simpson Cheung
Winnie Choi, a Hong Kong resident and 12-year Chelsea fan, expresses concern that wearing Chelsea football shirts featuring Circle's USDC stablecoin brand may be illegal under Hong Kong's Stablecoins Ordinance. The ordinance prohibits marketing unlicensed stablecoins to the public, but it is unclear whether wearing a jersey with a stablecoin logo constitutes such marketing. Circle's UK arm is regulated by the FCA, but USDC itself is not issued or regulated in the UK or Hong Kong. Only two stablecoin issuers are licensed in Hong Kong, and the law is set to take effect on August 1, 2025.
Written by the local model on 2026-09-06,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Hong Kong fans of the football club Chelsea are concerned that wearing team shirts featuring the USDC stablecoin brand could be illegal under new crypto laws. The deal between Chelsea and Circle, which was signed in late August, allows for the display of the USDC logo on player jerseys from the 2026-27 season. However, this arrangement has raised eyebrows as USDC is not issued or regulated under UK law, despite Circle's UK arm being an FCA-regulated company providing financial services. Additionally, only two stablecoin issuers are licensed in Hong Kong: Anchorpoint Financial Limited and HSBC, whereas USDC is distributed by a non-licensed issuer. This has left fans like Winnie Choi, a 12-year Chelsea fan, worried about potentially breaking the law. The concerns come ahead of the enactment of the Stablecoins Ordinance on August 1, 2025.
Written for “Crypto Laws in Sports Sponsorships” on 2026-09-07,
grounded in this article and the 0 other(s) covering the same event.
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Leaning score -0.35 for article 5608 (medium confidence, 1 verified quote) · logged 2026-09-06
Why Chelsea football shirts are making Hong Kong fans nervous about crypto laws
Caught between their favourite football club and Hong Kong’s Stablecoins Ordinance, fans want to know if they can wear the tops openly
Chelsea signed the deal with Circle to feature its USDC stablecoin brand on player jerseys for the 2026-27 season in late August, just three months after the UK’s Financial Conduct Authority (FCA) warned Premier League clubs about partnering with unauthorised crypto and finance businesses.
Circle’s UK arm, Circle UK Trading, is an FCA-regulated company providing certain financial services.
asserted
arm → make → services
But USDC is not issued or regulated under the laws of the United Kingdom, nor is it distributed by a licensed stablecoin issuer in Hong Kong.
asserted
it → issue → Kong
Only two stablecoin issuers are currently licensed in Hong Kong – Anchorpoint Financial Limited and HSBC.
asserted
issuers → license → Kong
Ahead of the enactment of the Stablecoins Ordinance on August 1, 2025, the Hong Kong Monetary Authority (HKMA) warned on its website that “it will be illegal for any person to … actively market the issue of unlicensed [fiat-referenced stablecoins] to the public”.
asserted
person → warn → public
Winnie Choi, a Chelsea fan of 12 years, was among those worried about breaking the law.
“After looking up the law, I still do not understand whether it is a problem to wear the jersey,” she said.
asserted
she → worry → jersey
