March Launch Set for Hong Kong's Inaugural Stablecoin Issuer Licenses: Sources
Financial regulators in Hong Kong indicate that initial approvals for stablecoin issuers will be limited to a select few companies as the review process approaches its final stages.
According to a report from Reuters, the Hong Kong Monetary Authority (HKMA), which serves as the financial regulator for Hong Kong, is on track to issue its inaugural stablecoin issuer licenses during the month of March.
The HKMA's Chief Executive, Eddie Yue, reportedly stated during a Legislative Council session held on Monday that the authority's evaluation of applications for stablecoin licenses was approaching its final stages. Yue further indicated that the number of initial approvals would be restricted, with expectations that only a "very small number" of licenses would be granted in this initial round.
During a media briefing that followed, the regulatory body explained that its assessment process concentrated on several key areas including use cases, risk management frameworks, anti-money laundering (AML) controls, and the quality of assets backing the stablecoins. The regulator also noted that licensed issuers would be required to adhere to Hong Kong's regulations governing cross-border activities.
Cointelegraph contacted the HKMA seeking additional information regarding the licensing process, but did not receive a response prior to the publication of this article.
Hong Kong transitions from regulatory framework to initial approvals
The implementation of the Stablecoin Ordinance, which became effective in August, mandates that all stablecoin issuers must secure a license from the HKMA before operating.
Paul Chan, Hong Kong's Finance Secretary, stated on Jan. 21 that the issuance of stablecoin licenses was anticipated to occur during the first quarter of 2026, consistent with the special administrative region's regulatory philosophy of "same activity, same risk, same regulation" as it applies to crypto assets.
In earlier statements, Yue had noted that numerous applicants were found to be lacking in operational readiness and did not present credible plans for implementation, while also pointing out that some entities lacked the necessary technical expertise required to function as stablecoin issuers.
Prospective applicants and industry expectations
The HKMA disclosed in October that it had received a total of 36 applications from various institutions during the initial round of stablecoin licensing submissions.
In August, the Hong Kong division of Standard Chartered together with Animoca Brands made an announcement that they had established Anchorpoint Financial Limited within Hong Kong for the purpose of applying for a local stablecoin issuer license.
On Sept. 8, both HSBC and the Industrial and Commercial Bank of China (ICBC), which holds the distinction of being the world's largest bank measured by total assets, also made their intentions known to apply for a stablecoin license in Hong Kong.
The HKMA has not provided confirmation regarding any specific applicants and has previously issued a warning that early decisions on licensing should not be interpreted as endorsements of particular business models.
In July 2025, the HKMA introduced a public registry designed to enable users to monitor which entities have been granted licenses to issue stablecoins within the region. As of Monday, the database contained no entries.