36 Institutions Vie for Stablecoin Licenses as HKMA Targets March for First Approvals

High Demand for Stablecoin Licenses as HKMA Sets Timeline

Hong Kong Monetary Authority (HKMA) has received 36 applications for stablecoin licenses in the first round. The regulator is currently conducting detailed reviews and has requested additional information from some applicants, particularly regarding use cases, risk management frameworks, and reserve asset composition.

Initial Approvals to Be Limited

Despite strong interest, the number of licenses issued in the first batch will be limited. The HKMA emphasized a cautious and prudent approach, ensuring applicants meet strict regulatory standards before approval.

• Initial submissions largely included basic information
• Follow-up required on operational and risk factors
• First licenses expected to be issued by March