Hong Kong Monetary Authority: There are 77 stablecoin licenses that express their intention to apply for, and only a few licenses will be granted in the initial stage.

According to Foresight News, according to the Hong Kong Economic Daily, a spokesperson for the Hong Kong Monetary Authority said that as of August 31, there were 77 cases expressing their intention to apply for stablecoin licenses to the HKMA, including banks, technology companies, securities/asset management/investment companies, e-commerce, payment institutions, start-ups/web3 companies, etc. A spokesperson for the HKMA once again stated that in the early stages of the implementation of the regulations, only a few stablecoin licenses will be granted.



The HKMA said it would not publish a list of institutions to express their intentions or formally submit applications. The HKMA emphasized that expressing intention or submitting a stablecoin license application, as well as the communication between the HKMA and relevant institutions, is only a process of applying for a license, does not constitute approval of any institution, nor does it recognize any recognition of its prospects for approval of the license. Whether the license is issued in the end will depend on whether the application meets the license requirements.



The HKMA has arranged meetings with institutions that express their intentions, hoping that communication during this period will help these institutions carefully evaluate the necessity and maturity of their plans to issue stablecoin, and thus decide whether to submit a formal application. The HKMA once again reminds citizens that they must be vigilant about the promotion of unlicensed stablecoins.



The HKMA has earlier stated that licensing will be an ongoing process and that applications should be submitted to the HKMA on or before September 30 if individual institutions believe that they are fully prepared and want to be considered as early as possible.

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