Hong Kong's Stablecoin Ordinance received 77 applications in its first month of implementation

Odaily Planet Daily reports that the Stablecoin Ordinance will take effect on August 1st. The Hong Kong Monetary Authority (HKMA) has previously encouraged institutions interested in applying for Hong Kong stablecoin issuer licenses to contact the authority by August 31st. A spokesperson for the HKMA announced on September 1st that it had received 77 applications in August, including from banks, technology companies, securities/asset management/investment firms, e-commerce companies, payment institutions, startups, and web 3 companies. The spokesperson reiterated that only a few stablecoin licenses will be granted during the initial implementation phase of the ordinance.