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The Hong Kong "Stablecoin Regulation" has officially come into effect today, opening the first round of stablecoin issuer license applications.
BlockBeats News, August 1st, the Hong Kong "Stablecoin Regulation" officially took effect today. The Hong Kong Monetary Authority has opened the stablecoin issuance license application, marking a new stage in the development of stablecoins in the Hong Kong region. Over the past year, the Hong Kong Monetary Authority has promoted sandbox testing of stablecoin application scenarios, gradually clarified regulatory guidelines and application processes, and now participating institutions will transition from testing to the formal issuance and circulation under the regulatory framework. According to incomplete statistics, dozens of institutions have indicated that they will apply for a stablecoin license, including JD Coin Chain Technology (Hong Kong) Limited, RoundCoin Innovation Technology Limited, Standard Chartered Bank (Hong Kong) Limited, Onchain Group Limited, Hong Kong Telecommunications (HKT) Limited, among others. Meanwhile, more local banks, tech companies, and Web3 teams are making further preparations around clearing systems, custody mechanisms, and payment interfaces.
The Hong Kong Monetary Authority will accept applications for the first round of stablecoin issuer licenses from August 1, 2025, to September 30, 2025. Chan Wai-Man, Deputy Chief Executive of the Monetary Authority, stated that applications can be made for stablecoin licenses pegged to a single fiat currency or to a basket of fiat currencies, but the currency must be clearly specified in the application. Chan Wai-Man also emphasized that the entry threshold is very high, and the first license is expected to be issued in early next year.
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