Hong Kong’s financial regulator is preparing to issue its first stablecoin issuer licenses in March, according to a Reuters report.
Speaking at a Legislative Council meeting on Monday, Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue said the regulator’s review of stablecoin license applications is nearing completion. He added that the initial round of approvals will be limited, with only a “very small number” of licenses expected to be granted in the first batch.
In a subsequent media briefing, the HKMA said its assessments are focused on proposed use cases, risk management frameworks, anti-money laundering (AML) controls and the quality of backing assets. Licensed issuers will also be required to comply with Hong Kong’s cross-border activity rules.
Cointelegraph contacted the HKMA for further comment but had not received a response at the time of publication.
From framework to first approvals
Hong Kong’s Stablecoin Ordinance, which came into effect in August, requires all stablecoin issuers to obtain a license from the HKMA.
On Jan. 21, Hong Kong Finance Secretary Paul Chan said stablecoin licenses were expected to be issued in the first quarter of 2026, in line with the city’s “same activity, same risk, same regulation” approach to crypto assets.
Yue has previously said that many applicants lacked operational readiness and credible implementation plans, noting that some did not have the technical expertise required to issue stablecoins.
Potential applicants and market expectations
The HKMA said in October that it received applications from 36 institutions in the first round of stablecoin licensing.
In August, Standard Chartered’s Hong Kong unit and Animoca Brands announced the formation of Anchorpoint Financial Limited in Hong Kong, with plans to apply for a local stablecoin issuer license.
On Sept. 8, HSBC and Industrial and Commercial Bank of China (ICBC)—the world’s largest bank by total assets—also signaled their intention to seek stablecoin licenses in Hong Kong.
The HKMA has not confirmed any applicants and has cautioned that early licensing decisions should not be interpreted as endorsements of particular business models.
In July 2025, the regulator launched a public registry allowing users to track licensed stablecoin issuers in Hong Kong. As of Monday, the registry remained empty.
