HKMA’s Stablecoin Regime Attracts 77 Inquiries – Limited Early Licenses Raise Stakes

Hong Kong's push to regulate stablecoins has drawn significant interest, with 77 entities across banking, tech, and Web3 sectors vying for licenses. The Hong Kong Monetary Authority (HKMA) has begun screening applicants but plans to issue only a limited number of approvals initially. Final decisions hinge on strict compliance with regulatory requirements.

The HKMA has held preliminary meetings with interested parties, including banks, payment firms, and Web3 startups, but maintains that these discussions do not imply endorsement. "Whether a licence is ultimately granted will depend on whether the application meets the licensing requirements," a spokesperson said.

This selective approach underscores Hong Kong's cautious yet progressive stance on digital assets. The city aims to balance innovation with robust oversight, positioning itself as a regulated hub for stablecoin development.