Hong Kong’s financial regulator, the Hong Kong Monetary Authority, is moving closer to issuing its first licenses for stablecoin issuers, with initial approvals expected as early as March, according to a report by Reuters.

Speaking during a Legislative Council session on Monday, HKMA Chief Executive Eddie Yue reportedly said the review of submitted applications is close to completion. He noted that the first round of approvals will be highly selective, with only a “very small number” of licenses likely to be granted initially.

In a later briefing with the media, the regulator explained that its evaluation has centered on proposed use cases, risk management frameworks, anti-money laundering controls and the robustness of reserve backing. Licensed issuers will also be required to comply with Hong Kong’s rules governing cross-border activities.

From regulation to implementation

Hong Kong’s Stablecoin Ordinance, which came into force in August, obliges any stablecoin issuer operating in the city to obtain authorization from the HKMA. On Jan. 21, Hong Kong Finance Secretary Paul Chan said stablecoin licenses were expected to be issued in the first quarter of 2026, aligning with the territory’s regulatory principle of “same activity, same risk, same regulation” for cryptocurrency assets.

Yue has previously cautioned that many applicants were not sufficiently prepared, citing gaps in operational readiness, implementation planning and technical expertise required to issue stablecoins.

Applicants line up as registry remains empty

The HKMA disclosed in October that 36 institutions had submitted applications during the initial licensing phase.

Among the potential applicants, Standard Chartered’s Hong Kong unit and Animoca Brands announced in August that they had formed Anchorpoint Financial Limited to pursue a local stablecoin license. In September, HSBC and the Industrial and Commercial Bank of China also indicated plans to apply.

The HKMA has not publicly confirmed any applicants and has stressed that early approvals should not be interpreted as endorsements of specific business models. To support transparency, the regulator launched a public registry in July 2025 to track licensed stablecoin issuers. As of Monday, the registry had yet to list any approved entities.

Sources:

https://www.thestandard.com.hk/wealth-and-investment/article/313037/HKMA-receives-36-stablecoin-license-applications-by-September

https://cointelegraph.com/news/hong-kong-stablecoin-licenses-march-hkma