Hong Kong Monetary Authority: Plans to Issue First Batch of Stablecoin Issuer Licenses in March

Odaily News: Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), stated at a Legislative Council meeting held on Monday that the HKMA plans to issue the first batch of stablecoin issuer licenses in March, with the initial number of approvals being very limited. The HKMA has currently received 36 applications, and the approval process is nearing completion. The review focuses include risk management, anti-money laundering controls, the quality of reserve assets, and application scenarios. Licensed issuers must comply with local regulations on cross-border activities, and future exploration of mutual recognition arrangements with other jurisdictions may be possible.