Hong Kong Stablecoin Licenses Attract 77 Entities Amid Rigorous Regulatory Scrutiny
A total of 77 diverse entities have expressed interest in obtaining stablecoin licenses under Hong Kong’s newly introduced regulatory framework. The Hong Kong Monetary Authority (HKMA) received these expressions of interest by the August 31 deadline.
The range of applicants is impressive.It features traditional banks, major payment platforms, asset managers, Web3 startups, adn state-owned enterprises. This eclectic mix highlights the wide appeal stablecoins hold across various sectors.
- Applicants include global banks and fintech giants.
- Some state-owned enterprises like PetroChina are involved too.
- Licensing approvals are expected as late as 2025.
Despite the enthusiasm, HKMA is taking its time to assess each application thoroughly. Deputy CEO Darryl Chan Wai-man stressed that due diligence is crucial to maintain market stability.
The HKMA’s cautionary stance ensures that only the most qualified applicants secure the licenses. The regulator aims to vet applications rigorously to confirm technical capabilities, reserve backing, and robust anti-money laundering protocols.
While many are hopeful about securing a license, the HKMA emphasizes that an expression of interest is just a starting point. This deliberate approach reflects a broader goal: shaping the future of digital payments for international trade.
