Hong Kong Stablecoin License Race Heats Up as Over 40 Firms Vie for Limited Slots

More than 40 companies, including major players like JD.com and ANT Capital, are competing for Hong Kong's upcoming stablecoin licenses. The regulatory framework, set to go live on August 1, has attracted intense interest despite expectations that only a handful of licenses will be issued.

The Hong Kong Monetary Authority has imposed strict requirements for approval, emphasizing robust risk controls, anti-money laundering compliance, and real-world use cases. "Licenses are still relatively scarce," noted one industry expert, highlighting the fierce competition among applicants.

This cautious approach reflects regulators' focus on maintaining oversight and investor protection in Hong Kong's growing digital asset sector. Financial Secretary Paul Chan has previously emphasized the need for stability as the city positions itself as a crypto hub.