Why Chelsea football shirts are making Hong Kong fans nervous about crypto laws

Chelsea Football Club has recently signed a sponsorship deal with Circle, a stablecoin issuer, to feature its USDC stablecoin brand on player jerseys for the 2026-27 season. This has left Hong Kong fans and retailers concerned about whether wearing or selling the shirts could be considered illegal promotion under Hong Kong's digital currency laws.

The Hong Kong Monetary Authority (HKMA) has warned that it will be illegal to actively market unlicensed stablecoins to the public, and only two stablecoin issuers are currently licensed in Hong Kong – Anchorpoint Financial Limited and HSBC. The HKMA has stated that the legality of wearing or selling the shirts would be determined on a case-by-case basis, considering factors such as the languages used in marketing messages, the target audience, and whether a Hong Kong domain name is used.

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