HKMA’s Stablecoin Regime Attracts 77 Inquiries – Limited Early Licenses Raise Stakes

Key Takeaways:

• 77 entities have expressed interest in a Hong Kong stablecoin licence, spanning banking, tech, and Web3 sectors.
• HKMA has started screening applicants, but will issue only a limited number of licences in the initial stage.
• Final approvals will depend on whether the applications meet strict compliance requirements.

The Hong Kong Monetary Authority has received 77 expressions of interest for stablecoin licenses and is now conducting meetings with applicants, according to a report published by HK01 on September 1.

A spokesperson for the HKMA said the interested parties span multiple sectors, including banks, technology firms, asset managers, e-commerce platforms, payment companies, and Web3 startups. Meetings have already been arranged to assess each party’s intention and readiness.

The HKMA stated that it would not publish the list of entities that submitted expressions of interest or applications. Communications with these firms are part of the preliminary licensing process and do not indicate regulatory approval or endorsement.

“Whether a licence is ultimately granted will depend on whether the application meets the licensing requirements,” the spokesperson said.

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Earlier, the authority made clear that only a limited number of licenses would be issued during the initial phase. The HKMA said the current meetings are meant to help applicants evaluate the necessity and maturity of their issuance plans before deciding to move forward with a formal submission.

The spokesperson added that the outcome of the discussions would help both the regulator and the market participants understand the depth and readiness of Hong Kong’s stablecoin ecosystem.

The HKMA also reiterated its warning to the public regarding unlicensed stablecoins, advising consumers to remain cautious about promotional materials that do not come from licensed entities.

The stablecoin licensing regime came into effect on August 1. It is one of the city’s core regulatory tools as it continues to develop its virtual asset framework under the Financial Services and the Treasury Bureau’s broader digital finance agenda.

Formal licence applications are expected to follow in the coming months, though the final number of approved entities remains unclear.

The limited availability of licences may lead firms to reassess their strategies. Some could postpone applications, partner with existing licensees, or pursue alternative structures to meet compliance thresholds without applying directly.

Hong Kong’s initial screening process will likely set a reference point for other regulatory jurisdictions. Early decisions around transparency, scope, and eligibility may shape how regional markets approach stablecoin oversight going forward.

Concentrating approvals allows the regulator to monitor systemic risk, assess operational practices, and avoid large-scale fallout from early-stage failures.

While enforcement mechanisms haven’t been detailed, public warnings suggest the HKMA may escalate scrutiny or coordinate with other regulatory bodies.

Not necessarily. Retail offerings may require separate approvals or phased rollout conditions depending on the applicant’s risk profile and business model.

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