TLDR
- HKMA received 36 formal stablecoin license applications by September 30.
- The first batch of stablecoin licenses in Hong Kong will be announced in 2026.
- Applicants include banks, tech firms, e-commerce platforms, and Web3 startups.
- The Stablecoin Ordinance in Hong Kong took effect in August 2025.
The Hong Kong Monetary Authority (HKMA) has officially received 36 stablecoin license applications by the end of September, signaling growing interest in digital currencies within the region. This follows the introduction of the Stablecoin Ordinance, which took effect in August, paving the way for institutions to apply for licenses to operate stablecoin businesses in Hong Kong. The applications represent a broad spectrum of industries, from banks to e-commerce platforms, marking a crucial step in the city’s financial regulation.
A Broad Range of Applicants
By September 30, 2025, the HKMA had received 36 formal stablecoin license applications. This came after 77 expressions of interest (EOIs) were recorded in August. The institutions that submitted applications span various sectors, including banking, technology, asset management, securities, e-commerce, and payment service providers.
Notably, the applicants also include Web3 startups, further reflecting the diverse range of companies involved in the cryptocurrency and blockchain industries.The HKMA spokesperson emphasized that each application would be thoroughly reviewed to ensure compliance with the Stablecoin Ordinance.
The regulatory authority will evaluate the submitted materials according to the established guidelines and approval processes. While the HKMA has not released a specific list of applicants, it is clear that a wide array of institutions is seeking the opportunity to engage in stablecoin issuance under Hong Kong’s new regulatory framework.
The Licensing Process and Criteria
The HKMA’s approach to stablecoin licensing is designed to ensure high standards of security and compliance in the growing digital currency market. As part of the regulatory process, the HKMA will conduct a detailed assessment of each applicant to determine whether they meet the requirements set out in the Stablecoin Ordinance.
According to a spokesperson for the authority, only a limited number of licenses will be granted in the first phase of approvals. This indicates that the licensing process will be highly competitive, and the HKMA is setting the bar high to ensure that only well-prepared institutions are approved. The goal is to maintain the integrity and stability of Hong Kong’s financial system while fostering innovation in the digital asset space.
Timeline for License Announcements
The HKMA plans to announce the first batch of licensed stablecoin issuers in early 2026. The applications submitted by September 30 will be part of the initial review process, with the final approval of applicants expected in the coming months.
The authorities have made it clear that this process will not be rushed, as they aim to ensure thorough vetting of each applicant’s credentials and compliance with regulatory standards.
In addition, the HKMA has stated that the licensing process will be ongoing, with further rounds of applications expected as more institutions become prepared to meet the regulatory requirements. These steps reflect Hong Kong’s careful and structured approach to integrating stablecoins into its financial ecosystem.
Implications for the Digital Currency Market
The high volume of applications received by the HKMA underscores the growing interest in the stablecoin market, both within Hong Kong and globally. As the city seeks to become a leading hub for digital finance, the licensing process is expected to have a significant impact on the development and regulation of stablecoins in the region.
Moreover, the strict regulatory framework is likely to set a benchmark for other jurisdictions considering similar approaches to stablecoin regulation. By providing clear and comprehensive guidelines, the HKMA is helping to foster a more secure and transparent environment for the issuance and use of stablecoins in Hong Kong’s financial sector.
As the first batch of licenses is set to be announced in 2026, the market will be closely watching how Hong Kong’s approach influences global trends in the stablecoin and digital asset space.
