Hong Kong’s Stablecoin Gold Rush: 77 Suitors Vie for Regulatory Approval
Hong Kong's stablecoin landscape heats up as 77 applicants queue for regulatory green light—proving even crypto can't escape the paperwork parade.
The Waiting Game
Seventy-seven firms now jostle for position in Hong Kong's stablecoin licensing race. Regulatory scrutiny tightens as the city positions itself as Asia's digital asset hub. Everyone wants a piece of the action—but only the compliant need apply.
Market Implications
Approval delays create both frustration and opportunity. Traditional finance veterans watch from sidelines, muttering about 'unregulated wild west' while quietly updating their own blockchain strategies. The irony? Banks now chase the innovation they once dismissed.
Regulatory Reality Check
Hong Kong's cautious approach mirrors global trends—move fast but don't break things. Or banking systems. Or monetary policies. The 77 suitors represent both genuine innovators and speculative bandwagon-jumpers betting regulation will legitimize their schemes.
Bottom line: When seventy-seven firms line up for permission to print digital money, you know we're either witnessing financial revolution or the most compliant bubble in history—take your pick.
Big names circle the stablecoin gate
While the HKMA maintains a tight lid on the official list of applicants, previous reporting points to a roster of heavy hitters. The interest ranges from global banking institutions like Standard Chartered to fintech behemoths such as ANT Group.
Perhaps most telling is the involvement of state-owned enterprises like the energy giant PetroChina, which has publicly disclosed feasibility studies on using stablecoins for cross-border settlements. This diverse field underscores a critical point: the race is not just about crypto-native firms; it is about who will control the next evolution of digital payment infrastructure for international trade.
Despite this rush of interest, Hong Kong’s licensing pipeline has been effectively frozen. The Stablecoin Ordinance took effect on Aug. 1, yet the HKMA has already cautioned that approvals are unlikely until sometime in 2025.
Deputy CEO Darryl Chan Wai-man has publicly attributed this timeline to the “heavy workload” of vetting the complex applications, a task he described as requiring immense due diligence.
The authority appears to be methodically sifting through the 77 expressions of interest, a process designed to be a stringent filter, with the goal being to ensure that the first entities to receive a license are not only technically proficient but also possess bulletproof reserve backing, impeccable anti-money laundering protocols, and operational resilience.
