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Hong Kong Stablecoin Regulation Accelerates Implementation, HKMA Aims to Issue First Licenses in March
BlockBeats News, February 4th, according to The Beijing News, a new development has taken place in the regulation of stablecoins in Hong Kong. Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, stated that they have received 36 applications for stablecoin issuer licenses. The related assessment work is currently being accelerated, aiming to issue the first batch of stablecoin licenses in March, but the quantity will remain cautious, with only a small number being issued.
Yue emphasized that one of the key assessment focuses is on risk management capabilities, including stablecoin use cases, reserve asset allocation, and cross-border compliance arrangements. In the future, for cross-border businesses involving Mainland China, Singapore, London, and ASEAN, relevant institutions must also comply with local regulatory requirements.
Industry insiders pointed out that the landing of the first batch of licenses is expected to promote the development of a compliant stablecoin ecosystem in Hong Kong, driving financial innovations such as tokenized assets and cross-border payments, further solidifying Hong Kong's international position in the digital finance field. However, the Hong Kong Monetary Authority explicitly upholds a regulatory approach that prioritizes stability, believing that the stablecoin business should be strictly regulated first, steadily promoted, and then gradually optimized based on practical experience.
The regulatory authorities also warned to be vigilant against illegal financial activities using "stablecoin" as a lure. Industry recommendations advise investors to stay away from unlicensed stablecoin products, and cross-border participation in Hong Kong-licensed stablecoin-related businesses must also comply with Mainland China's foreign exchange and cross-border regulatory requirements to guard against market speculation risks.
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