Hong Kong Attracts Over 40 Major Firms for Stablecoin Licensing Under New Regulation

Hong Kong is witnessing a surge in stablecoin license inquiries as more than 40 companies prepare for the August 1 implementation of the Stablecoin Bill. The Hong Kong Monetary Authority (HKMA) will begin accepting formal applications, with major players like JD.com, ANT Group, Standard Chartered, and Circle publicly declaring their intent to apply.

Law firms report ongoing consultations for clients finalizing application materials, while Cobo's Alex Zuo notes a clear divide between serious applicants—primarily large mainland Chinese firms—and smaller entities leveraging the HYPE for publicity. Digital finance providers, logistics companies with overseas operations, and internet firms are among those actively hiring for blockchain compliance and engineering roles.

The emerging stablecoin ecosystem in Hong Kong focuses on three key areas: issuance, settlement infrastructure, and multi-address wallet tools for fiat conversion. This regulatory clarity creates a bifurcated market—established players with operational capabilities are distancing themselves from speculative entrants lacking technical foundations.