Hong Kong accelerates the implementation of stablecoin regulation; the Hong Kong Monetary Authority aims to issue the first licenses by March.

According to ChainCatcher, new developments have been made in Hong Kong’s stablecoin regulation, as reported by Beijing Business Daily. Hong Kong Monetary Authority Chief Executive Eddy Yue Wei-wen stated that they have received 36 stablecoin issuer license applications so far. The evaluation process is underway, with the goal of issuing the first batch of stablecoin licenses by March. However, the number will remain cautious, and only a small amount will be issued.

Yue Wei-wen emphasized that one of the key focuses of the review is risk management capabilities, including stablecoin application scenarios, reserve asset allocation, and cross-border compliance arrangements. In the future, if cross-border business involves Mainland China, Singapore, London, or ASEAN countries, relevant institutions must comply with local regulatory requirements simultaneously.

Industry insiders believe that the issuance of the first batch of licenses could promote the development of a compliant stablecoin ecosystem in Hong Kong, driving financial innovations such as tokenized assets and cross-border payments, further strengthening Hong Kong’s international position in digital finance. However, the HKMA has explicitly maintained a “stability-first” regulatory approach, believing that stablecoin activities should be strictly regulated and steadily advanced, with rules gradually optimized based on practical experience.

Regulators also warn to be vigilant against illegal financial activities using “stablecoin” as a gimmick. Industry experts advise investors to stay away from unlicensed stablecoin products. 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 prevent market speculation risks.