77 Firms Vie for Hong Kong’s Groundbreaking Stablecoin Licenses in High-Stakes Regulatory Race
Hong Kong's financial landscape just got hotter—77 contenders are battling for the city's first stablecoin licenses.
The Regulatory Gold Rush
Financial heavyweights and crypto natives scramble for legitimacy in Asia's burgeoning digital asset hub. The Hong Kong Monetary Authority isn't playing games—they're setting the bar high for would-be issuers.
Market Implications
Winners gain instant credibility in a region hungry for regulated digital dollars. Losers get to explain to investors why they couldn't cut it in Hong Kong's rigorous framework—another case of 'regulation theater' where everyone applauds but few actually get a backstage pass.
This licensing frenzy signals that stablecoins aren't just surviving—they're becoming institutional-grade assets. The real test begins when these licensed tokens hit the markets and prove they're worth more than just regulatory paperwork.
HKMA’s Stablecoin Regime Attracts 77 Inquiries, #Limited Early Licenses Raise Stakes
Hong Kong’s HKMA begins meetings with 77 potential stablecoin licence applicants, setting a possible regional precedent in regulatory design. #crypto pic.twitter.com/4HpjSbvnDh
— CryptOpus (@ImCryptOpus) September 1, 2025
The Hong Kong Monetary Authority (HKMA) revealed that by the end of August, it had received expressions of interest from, spanning.
While the number underscores strong industry enthusiasm, the HKMA stressed that, and expressing intent does not equate to regulatory endorsement. Applicants will still need to meet strict compliance and risk management standards.
Early Meetings, But No Guarantees
Some institutions have already heldwith the HKMA to evaluate the maturity of their stablecoin plans before submitting formal applications. Regulators also cautioned investors to remain vigilant against unauthorized stablecoin promotions.
Applications will be accepted on a rolling basis, with firms encouraged to file formally beforeif they wish to be considered in the early review round.
Bank of China Hong Kong Shows Interest
The ordinance has already impacted markets.saw its stock surge overon speculation that it is preparing to apply for a stablecoin license, before closing at HK$37.58. Shares later gave back some gains, trading at HK$37.06, down 1.38%.
BREAKING
Bank of China (Hong Kong) surged over 7% today after announcing plans to apply for a stablecoin issuer license.
POWER OF #RWA
pic.twitter.com/FSN4gNDegB
— Real World Asset Watchlist (@RWAwatchlist_) September 1, 2025
Industry insiders suggest BOCHK could play a pivotal role if approved, particularly in, potentially accelerating the.
Though BOCHK has not publicly confirmed the reports, its latest financial filings highlighted ongoing research into digital assets, digital currency applications, and risk frameworkto support Hong Kong’s fintech and VIRTUAL asset ecosystem.
A New Era for Hong Kong’s Virtual Asset Push
Hong Kong’s stablecoin framework, effective since, reflects the city’s ambition to become a. With heavyweight applicants and cautious but progressive oversight, the territory is positioning itself as a testbed for the.
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