Hong Kong is shifting closer to its first licensed stablecoin issuers. This day, Eddie Yue, head of the Hong Kong Monetary Authority, acknowledged 36 institutions have faith applied for stablecoin licences. The regulator is now reviewing these applications. Officers hope to procedure choices quickly. The target is to impart the vital licences in March.
This step follows the Stablecoin Ordinance which started closing twelve months. The law created a transparent licensing machine for stablecoin issuers. Its design is to guard customers, decrease dangers and support innovation. Hong Kong regulators wants to fetch a stable digital finance sector. While defending tight control over dangers.
HKMA Demands More Minute print
Then all over again, the approach is no longer easy. Eddie Yue acknowledged many applications ideal incorporated total info. This capability that of of that, the HKMA asked some firms to ship more info. It wants to fetch how stablecoins will likely be frail in real life. It also wants to test risk controls and reserve assets.
据大公文汇，金管局总裁余伟文今日表示，首轮共收到 36 家机构提交的稳定币牌照申请，目前正持续评估这些申请，希望能够尽快作出决定，争取在 3 月发出首批牌照。…
— 吴说区块链 (@wublockchain12) February 2, 2026
As an illustration, the regulator wants to take hang of what backs every stablecoin. It also wants to fetch how firms prepare money flows and person funds. As well to, it wants proof that firms can take care of stress all the very most practical method via market shocks. These checks design to handbook obvious of previous problems viewed in diversified markets. Yue pressured that the vital batch of licences will likely be very puny. The HKMA plans to switch slowly and fastidiously. It prefers security over tempo. This means no longer all 36 firms will fetch approval within the vital round.
A Contemporary Chapter for Hong Kong Crypto
This switch signals a vital shift for Hong Kong. Town wants to change staunch into a relied on hub for digital assets. Stablecoins play a key operate in that thought. They hyperlink crypto with real money. They also support trading, payments and unpleasant border transfers.
With licences in position, stablecoin issuers will work underneath obvious tips. That may well presumably presumably attract banks, fintech firms and global companies. It may well presumably also enhance self perception among customers. Many investors now wait for regulated alternate choices in have to perilous offshore merchandise. On the identical time, strict tips may well presumably also restrict rapidly development. Smaller firms may well presumably also wrestle to meet capital and reserve requires. Still, officers place confidence in this alternate off is price it. They need stablecoins to grow in a controlled capability.
What Comes Next
Within the arriving weeks, candidates must resolution the HKMA’s questions. If all key aspects are obvious, the regulator will resolve about a winners. These firms will change into Hong Kong’s first licensed stablecoin issuers. Market gamers search info from stable opponents. Some place confidence in banks and astronomical payment firms will lead. Others mediate crypto native firms may well presumably also qualify. Either capability, the number will contain limited to birth with.
General, Hong Kong regulators’ capability reveals caution and ambition at the identical time. It wants to handbook in digital finance however with out dropping control. If the March rollout goes well, more licences may well presumably follow later within the twelve months. That may well presumably presumably shape how stablecoins operate across Asia and beyond.
