Hong Kong Monetary Authority: Received 36 Stablecoin License Applications, Aiming to Issue First Batch of Licenses in March

Odaily News: Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue Wai-man stated that the first round has received stablecoin license applications from 36 institutions. The HKMA is currently conducting ongoing assessments and aims to make decisions as soon as possible, issuing the first batch of licenses in March.

Yue pointed out that the regulatory authority has requested additional information for some applications. As the initial submissions primarily contained basic information required for licensing, subsequent focus will be on verifying key elements such as specific application scenarios, risk management arrangements, and the composition of reserve assets. Provided that the information is complete, the HKMA will strive to complete the first batch of licensing in March. However, it emphasized that the number of licenses in the first batch will not be large, and the process will be advanced based on the principles of prudence and stability.