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Hong Kong’s Stablecoin Licensing Rush Attracts 77 Diverse Applicants
Hong Kong’s Stablecoin Licensing Rush Attracts 77 Diverse Applicants
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BTCCSquare news:
Hong Kong's financial regulator has ignited a competitive scramble for stablecoin legitimacy. The Hong Kong Monetary Authority (HKMA) received 77 expressions of interest from banks, fintech firms, and Web3 startups by its August 31 deadline—a clear signal of institutional demand for regulated crypto footholds.
No licenses will be granted before 2025 as the HKMA conducts rigorous vetting. The deliberate pace reflects regulators' balancing act: fostering innovation while preventing speculative excess. Notably absent are any approved stablecoins—the gate remains closed until compliance is proven.
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