Why Chelsea football shirts are making Hong Kong fans nervous about crypto laws
English Premier League football club Chelsea’s lucrative new front-of-shirt sponsorship deal with a stablecoin issuer has left Hong Kong fans and retailers concerned about whether wearing or selling the top counts as illegal promotion under digital currency laws. Chelsea signed the deal with Circle to feature its USDC stablecoin brand on player jerseys for the 2026-27 season in late August, just…
The Premier League's Chelsea football club has recently inked a lucrative sponsorship deal with Circle, a stablecoin issuer, to feature its USDC stablecoin brand on player jerseys for the 2026-27 season. This announcement has left Hong Kong fans and retailers uneasy about whether wearing or selling the top may be considered illegal promotion under Hong Kong's digital currency laws.
The Hong Kong Monetary Authority (HKMA) had warned Premier League clubs about partnering with unauthorised crypto and finance businesses just three months prior to the deal. Although Circle's UK arm, Circle UK Trading, is an FCA-regulated company, USDC is not issued or regulated under UK laws and is not distributed by a licensed stablecoin issuer in Hong Kong.
Only Anchorpoint Financial Limited and HSBC are currently licensed as stablecoin issuers in Hong Kong. The HKMA cautioned that "it will be illegal for any person to … actively market the issue of unlicensed [fiat-referenced stablecoins] to the public" starting August 1, 2025. Fans like 12-year Chelsea devotee Winnie Choi expressed confusion over whether wearing the jersey with the USDC logo would constitute illegal promotion, while 20-year supporter Danny questioned whether ordinary football fans could identify if the shirt promoted an unregulated stablecoin.
Football apparel shop owner Hammer Chung was uncertain about the legality of selling replica jerseys with the USDC logo, noting that many kits for other clubs also featured the logos of illegal gambling websites. The HKMA stated that the definition of "active marketing" would be determined on a case-by-case basis, considering factors such as languages used, target audience, and the presence of a detailed marketing plan.
Blockchain expert Louis Li Sze-chung expressed concerns over the grey areas surrounding the regulation of promotional activities, highlighting the global nature of stablecoin issuances. Tanna Chong, head of public policy at VerifyVASP, called for enhanced consumer protection through disclaimers before every match, similar to warning messages in moneylending advertisements.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
