HKMA has received 36 stablecoin license applications…first approval expected early next year

The Hong Kong Monetary Authority (HKMA) has received 36 license applications from stablecoin issuers, and the first approval could come as early as early next year.

On the 19th, Christopher Hui, Secretary for Financial Services and the Treasury (SFST), said in a pre-recorded speech at an international forum titled 'A City of Solutions: Hong Kong as a Dispute Resolver', "Through the HKMA's stablecoin issuer sandbox, various institutions have been testing business models," and "As of the end of September this year, we have received a total of 36 license applications."

Hui said, "The authorities consider reserve management, price-stabilization mechanisms, and anti-money laundering (AML) systems as core assessment criteria," and "We expect to grant licenses to some applicants who meet the requirements early next year."

This remark specifically set out the enforcement status of the 'Stablecoins Ordinance' that Hong Kong implemented on August 1. The ordinance mandates licensing for issuers of fiat-linked stablecoins and extends supervisory authority to issuance within Hong Kong or marketing activities aimed at Hong Kong investors.

Hong Kong authorities have adopted a risk-based regulatory approach under the principle of 'same activity, same risk, same regulation.' Through this, they plan to maintain a regulatory framework aligned with international standards while building a supervisory system that reflects the characteristics of the digital asset market.

The Hong Kong government says it aims, through stablecoin regulation, to enhance investor protection and financial stability while establishing institutional foundations to reduce the likelihood of disputes in advance. By minimizing legal uncertainty surrounding digital assets, the strategy is interpreted as positioning Hong Kong as a trust-based digital finance hub.