Key Takeaways
- Chelsea’s new USDC jersey sponsor caused Hong Kong fans to fear arrest under local stablecoin laws.
- Hong Kong penalizes unlicensed crypto promos, making local merchants hesitant to sell the jersey.
- Regulators noted active marketing is banned, though legal experts say fans wearing the shirt are safe.
Hong Kong Chelsea Fans Nervous About Latest USDC Jersey Deal
The recent deal between Chelsea FC and Circle, sealed last month, has had an unintended consequence in Hong Kong.
According to local reports, Chelsea’s fans in Hong Kong are now concerned about the possibility of being sanctioned for wearing the team’s jersey in public, which now includes the USDC stablecoin brand front and center.
While Circle’s UK arm, Circle UK Trading, is regulated by the Financial Conduct Authority (FCA), which has a history of cooperation with the Securities and Futures Commission (SFC), USDC is neither a UK-regulated stablecoin nor issued by an authorized stablecoin issuer in Hong Kong.
Hong Kong regulators have licensed only two stablecoin issuers: Anchorpoint Financial Limited and HSBC.
The Hong Kong Stablecoin Ordinance, which took effect in August 2025, establishes hefty fines of HK$50,000 for advertising unlicensed stablecoins (nearly $6,400) and up to 6 months in prison.
Nonetheless, fans and distributors are still unsure whether these provisions apply to them for only wearing or distributing the team’s jersey.
Danny, a Chelsea fan who asked to change his name for fear of repercussions, told local media that he would not buy the new jersey until this matter is clarified.
“If I wear it, who will enforce the law? Will I be arrested by police?” he stated.
Hammer Chung, owner of a football apparel shop, also said he was unsure about selling the new jersey, but stated that the same problem applied to other apparel featuring illegal gambling websites’ logos. “Are we also promoting for them by selling the shirts?” he asked.
The Hong Kong Monetary Authority (HKMA) told SCMP that while it would comment on specific cases, the current ordinance prohibited “active marketing” of unauthorized stablecoin activity in Hong Kong. A spokesperson said whether an act constitutes an offence is determined on a case-by-case basis.
Tanna Chong, head of public policy at VerifyVASP, who helped draft the ordinance, assessed that fans should have no problem wearing the jersey, as they were not service providers.
“Unless the wearer is a Circle employee walking down the street in a Chelsea jersey. In that case, you need to establish that Circle instructed him to wear it with the intent of targeting a Hong Kong audience,” she concluded.
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