TechFlow, on September 25, according to Phoenix News Network, lawyer Yu Peiheng, a member of the Hong Kong Department of Justice's Guangdong-Hong Kong-Macao Greater Bay Area legal advisory panel, revealed at the "Phoenix Bay Area Financial Forum 2025" that the Hong Kong Monetary Authority's stablecoin regulatory framework has attracted inquiries from no fewer than 77 institutions. However, despite widespread market rumors, the number of initial stablecoin licenses to be issued will be very limited, and clearer outcomes are expected around October or November.
He emphasized that a greater challenge lies in the alignment of global regulatory standards. Hong Kong, the United States, and Europe each have their own regulatory rules, but stablecoins are inherently cross-border. A globally accepted regulatory framework must be established to enable truly secure, cross-chain circulation of stablecoins.
