TechFlow News, February 2: According to a report by Ta Kung Wen Hui, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), stated on February 2 that the HKMA has received stablecoin licensing applications from 36 institutions and aims to issue the first batch of licenses in March.
Hong Kong’s Stablecoin Ordinance officially took effect on August 1, 2023, establishing a licensing regime for fiat-referenced stablecoin issuers. Mr. Yue noted that the HKMA is continuously assessing these applications and has requested additional information from some applicants—including details on specific use cases, risk management measures, and the composition of reserve assets.
Mr. Yue emphasized that the number of institutions receiving the first batch of licenses “will certainly be small.” The HKMA will adhere to the principles of prudence and stability, further refining its regulatory framework for virtual asset activities to safeguard financial stability while fostering financial innovation.
