HKMA says decisions on first stablecoin licenses coming soon

Hong Kong missed an end-of-March target to grant its first stablecoin licenses, and the Hong Kong Monetary Authority says the licensing review is progressing and decisions will be announced shortly. The HKMA register showed no licensed stablecoin issuers at the time of publication.

An HKMA spokesperson said the authority is “actively taking forward the licensing matter and will announce further details in due course,” but did not provide a revised timetable for approvals.

HKMA chief executive Eddie Yue told lawmakers in February that only a very small number of issuers would be approved in the initial cohort. He said the authority was closely reviewing applications and focusing on specific areas before granting licenses.

Regulators are assessing applications for intended use cases, risk-management arrangements, anti-money laundering controls and the assets that would back the tokens. Earlier market speculation named global banks, including HSBC and a Standard Chartered-backed venture, as possible early licensees; the HKMA has not confirmed any successful applicants.

Hong Kong’s stablecoin framework requires issuers to fully back tokens with high-quality liquid reserves and to process redemptions within one business day. Issuers must maintain a physical presence in the city and meet detailed Know Your Customer and transaction-monitoring requirements.

In October 2025, Ant Group and JD.com paused their Hong Kong stablecoin plans after inquiries from mainland Chinese authorities, including the People’s Bank of China and the Cyberspace Administration of China.

The city has made stablecoin licensing a central element of its plan to expand crypto and financial-technology services. Market participants expect the first licenses to go to firms with the capital, liquidity arrangements and compliance systems required under the rules.

Applicants and market watchers are awaiting the HKMA’s next announcement on which firms, if any, will receive the inaugural licenses and when those approvals will be issued. The authority has said only that decisions will be disclosed in due course.