Hong Kong sees Overwhelming Interest in Stablecoin Licenses
The Hong Kong Monetary Authority (HKMA) set off a rush of activity by calling for stablecoin issuers. By August 31, a staggering 77 firms rallied to apply, sparking comparisons to a modern gold rush.
These applicants represent a varied group. They come from all corners of finance, including banks, fintech companies, asset managers, Web3 startups, adn state-owned enterprises. This diversity reflects how far-ranging the interest in stablecoin licensing really is.
But don’t celebrate too soon. The HKMA is in no hurry to hand out licenses. The regulator has made it clear that thorough vetting is key to maintaining market stability. For this reason, it might not approve any licenses until 2025.
- The september 1 report by The Standard confirms the Hong Kong Monetary Authority received 77 expressions of interest.
- Applicants cover a broad range, including customary and modern financial players.
- No licenses will be issued until 2025, allowing for thorough examination.
Among the hopefuls are well-known names like Standard chartered and Ant Group. Even state-backed companies, such as PetroChina, show interest. PetroChina has explored using stablecoins for international payments.
Deputy CEO Darryl Chan Wai-man explains the delay. He says reviewing the applications requires “heavy workload” and diligent due diligence. The HKMA aims to ensure triumphant applicants have strong reserves, solid anti-money laundering practices, and operational robustness.
