Hong Kong Set to Issue First Stablecoin Licenses Within Months, with Ant Group and JD.com Among Early Applicants
Hong Kong is preparing to grant its first stablecoin licenses in the coming months, with major companies such as Ant Group and JD.com already in line, according to Financial Secretary Paul Chan Mo-po.
In a recent interview with China Daily, Chan confirmed that regulators have received “a number of applications” from firms hoping to become licensed stablecoin issuers in the city. The process marks a significant step forward as Hong Kong looks to establish itself as a regulated hub for digital finance.
Speaking on June 20, Chan noted that the government is following a phased approach, beginning with the creation of a solid regulatory framework. The initial focus will be on fiat-backed stablecoins, which Chan highlighted as having strong potential for real-world use cases.
“The stablecoin, particularly when it is referenced to fiat currencies, has many user case scenarios,” Chan said.
He added that future phases could include more advanced stablecoin models—ones that are “real and integrated with the real economy”—to ensure they serve functional purposes like streamlining cross-border payments rather than encouraging speculation.
Since July 2023, several firms—including Hong Kong Telecommunications, Standard Chartered, and Animoca Brands—have been testing their stablecoin solutions under the Hong Kong Monetary Authority’s (HKMA) sandbox program.
The move comes shortly after the passage of the Stablecoins Bill by Hong Kong’s Legislative Council in late May. The new Stablecoins Ordinance, set to take effect on August 1, will require any issuer of fiat-backed stablecoins—regardless of whether they are tied to the Hong Kong dollar or another currency—to obtain a license from the HKMA.
In addition to Ant Group and JD.com, other companies expressing interest in stablecoin licenses include global banks like Standard Chartered and several logistics providers, signaling strong and diverse industry demand.
