TechFlow, June 25 — According to Hexun.com, HKMA Chief Executive Officer余伟文 recently stated that participation in the Hong Kong Monetary Authority's stablecoin issuer sandbox initiative launched in 2024 is not a prerequisite for future stablecoin issuer licensing applications. Furthermore, inclusion in the "sandbox" does not guarantee that participating institutions will necessarily obtain a license. The HKMA will prudently assess all licensing applications under consistent and rigorous criteria.
余伟文 clearly emphasized that applicants must present concrete and viable business plans with tangible use cases, with particular focus on their reserve management capabilities, compliance frameworks, and technical security. The first batch of stablecoins will concentrate on cross-border trade and Web3.0 applications.
Previous report, Hong Kong's Stablecoin Ordinance has been approved and will take effect on August 1, 2025.
