According to a report by China Business News, the "Stablecoin Ordinance" will take effect on August 1, 2024, at which time the Hong Kong Monetary Authority will begin accepting license applications. A reporter learned from industry insiders that Hong Kong's stablecoin licenses are relatively scarce and highly sought after, with the number of licenses expected to be only in the single digits. However, in addition to JD.com, Standard Chartered, and Circle, which have already been officially announced, more than 40 companies are preparing to submit applications. Law firms report that there are dozens more potential applicants currently in the consultation or material preparation stage, making the competition extremely fierce. The applicant institutions are basically China's largest financial institutions and internet companies, while some smaller companies intending to apply have little hope. [Foresight News]

The race for stablecoin licenses in Hong Kong is heating up, with dozens of firms preparing to apply ahead of the new regulatory framework set to go live. According to a recent report by local media outlet First Financial, more than 40 companies are preparing to apply for the soon-to-be-launched Hong Kong stablecoin license. Applicants reportedly include JD.com and Ant Capital, with anticipation mounting as the August 1 rollout date nears after months of regulatory work to finalize the framework amid growing market interest. However, local industry sources say the number of licenses regulators will issue is expected to be limited, potentially in the single digits, despite the high level of demand.  “Hong Kong’s stablecoin licenses are still relatively scarce. More than 40 companies have submitted applications, and law firms have reported that there are dozens of companies that intend to apply. The competition is very fierce,” one expert reportedly said. The comments suggest a cautious approach by the regulator to keep the sector controlled to ensure oversight and investor protection. Earlier in the year, the Hong Kong Monetary Authority (HKMA) outlined a strict set of requirements for approval, including robust risk controls, compliance with anti-money laundering rules, and a clear demonstration of real-world use cases for any stablecoin issued. Financial Secretary Paul Chan said the government is taking a step-by-step approach to the stablecoin regime, starting with building a regulatory foundation and initially focusing on fiat-pegged tokens. Chan also explained that the broader goal is to position Hong Kong as a competitive global hub by attracting stablecoin issuers from around the world. The country’s push is part of a broader overhaul of its digital asset policy. On June 26, regulators introduced a new “LEAP” framework, under which the stablecoin licensing regime will officially roll out. Additionally, it will set the stage for future pilot programs testing stablecoin use in everyday scenarios such as payments and other financial services. As part of the initiative, the government also plans to promote collaboration between public agencies and industry players to help build the underlying infrastructure for the fiat-backed digital assets.

More than 40 companies are in fierce competition to issue stablecoins in Hong Kong: report

Hong Kong will introduce its new Stablecoin Ordinance in August, limiting full licenses for fiat-referenced stablecoin issuers to fewer than 10. Over 40 companies, including major Chinese financial groups and tech giants, are competing for these exclusive positions. The upcoming regulations follow the recent passage of key legislation. This change gives the Hong Kong Monetary Authority (HKMA) strong licensing and supervisory powers. This marks a significant shift in how digital assets are managed in the region. Limited Licenses, Intense Competition Starting August 1, the Stablecoin Ordinance brings strict supervision for organizations issuing fiat-referenced stablecoins. The HKMA expects to issue only a handful of licenses by the end of 2025, despite a surge of more than 40 applicants. Notably, most are established financial institutions or leading Chinese tech companies pursuing approval under the new system. This heightened interest highlights Hong Kong’s growing role as a digital finance leader. Since the ordinance passed in May, firms such as Ant Group and JD.com have accelerated efforts to meet the approaching compliance deadline. Demand is especially strong for launching yuan-pegged stablecoins and expanding digital services from Hong Kong’s financial market. With the number of licenses strictly limited, only the most qualified firms can issue fiat-backed stablecoins. This reflects Hong Kong’s intent to safeguard its reputation while supporting responsible innovation. Elevating Standards: Hong Kong’s Regulatory Approach The new licensing regime closely follows international standards for financial stability and risk management. Applicants must meet rigorous requirements on reserve asset management, deliver clear redemption guarantees to users, and satisfy advanced anti-money laundering protocols. For both regulators and industry leaders, these provisions confront ongoing concerns about stablecoin solvency, misconduct, and consumer risk. The HKMA’s recent press release details the legal framework, setting out a six-month transitional period for existing issuers to adapt. This is a vital step to ensure market continuity without losing regulatory grip. HKMA’s leaders, speaking at a recent industry event, stressed the need for a careful balance between innovation and oversight. Application guidance and enforcement priorities are already public, giving applicants clear expectations. While the Stablecoin Ordinance advances digital asset regulation, it brings significant implications for issuers and users alike. Limiting licenses is intended to increase confidence in approved stablecoins, prevent unchecked growth, and keep Hong Kong’s reputation as a leading financial center secure. Existing operations benefit from transitional arrangements, yet unlicensed issuers must exit the market or face enforcement once the grace period ends. The HKMA places consumer protections front and center, while cross-border compliance and anti-money laundering remain crucial for wider financial safety. As the deadline approaches, decisive action by top tech and finance firms will help shape Hong Kong’s stablecoin landscape. This measured approach has set a high benchmark for other markets, confirming the city’s goal of leading responsibly in the evolving digital asset sector.

Hong Kong to Grant Fewer Than 10 Stablecoin Licenses as August Deadline Approaches

On July 8 (UTC+8), the "Stablecoin Ordinance" will officially take effect on August 1 this year, and the Hong Kong Monetary Authority will open license applications. It is expected that only a single-digit number of stablecoin licenses will be issued, and more than 40 companies are currently preparing to apply. Law firms report that there are dozens more interested. Applicants mainly include China's largest financial institutions and internet companies, such as JD.com, Standard Chartered, Circle, Ant International, and AntChain. Some small and medium-sized enterprises have less chance of applying due to the high threshold. (Source: Mlion.ai) [MetaEra]

Hong Kong's "Stablecoin Ordinance" Takes Effect on August 1, Fierce Competition for License Applications

According to Yicai, the "Stablecoin Ordinance" will officially take effect on August 1st of this year, and the Hong Kong Monetary Authority will begin accepting license applications. Stablecoin licenses are scarce, and it is expected that only a single-digit number will be issued, but more than 40 companies are already preparing to apply. Law firms report that there are dozens more interested, making the competition fierce. Applicants are basically China's largest financial institutions and internet companies, including JD.com, Standard Chartered, Circle, Ant International, and AntChain, while some small and medium-sized enterprises have little chance of applying due to the high threshold. [Wu Shuo]

JD.com, Standard Chartered, Ant Group, and other institutions are preparing to apply for Hong Kong stablecoin licenses

According to a report by China Business News, over 40 companies are preparing to apply, including JD Coinlink, Standard Chartered-Anif-HKT Consortium, Yuancoin Innovation, and Ant International, among others. However, it is expected that only a single-digit number of licenses will be issued in the end, making the competition extremely fierce. Industry insiders point out that the applicant institutions are mainly large Chinese financial institutions and internet companies, and some companies have already begun actively recruiting blockchain talent. Experts believe that although stablecoins can improve the convenience of cross-border payments, their actual cost is close to 1%, and their disruptive impact on the international monetary system is exaggerated. [ChainCatcher]

CBN: Currently, multiple companies, including JD.com, Standard Chartered, and Ant Group, are preparing to apply for Hong Kong stablecoin licenses, leading to fierce competition.

On July 8 (UTC+8), July 8, more than 40 companies are preparing to apply, including JD Coinlink, Standard Chartered-Anif-HKT Consortium, Yuancoin Innovation, and Ant International, but it is expected that only a single-digit number of licenses will be issued in the end, and the competition is extremely fierce. Industry insiders pointed out that the applicant institutions are mainly large Chinese financial institutions and Internet companies, and some companies have begun to actively recruit blockchain talent. Experts believe that although stablecoins can improve the convenience of cross-border payments, their actual cost is close to 1%, and their disruptive impact on the international monetary system is exaggerated. (Source: TechFlow) [MetaEra]

JD.com, Standard Chartered, Ant Group, and many other companies are preparing to apply for Hong Kong stablecoin licenses

On July 8th, according to China Business News, more than 40 companies are preparing to apply, including JD Coin Chain, Standard Chartered-Anif-HKT Consortium, Yuan Coin Innovation, and Ant International, etc. However, it is expected that only a single-digit number of licenses will be issued in the end, and the competition is extremely fierce. Industry insiders pointed out that the applicant institutions are mainly large Chinese financial institutions and Internet companies, and some companies have begun to actively recruit blockchain talent. Experts believe that although stablecoins can improve the convenience of cross-border payments, their actual cost is close to 1.00%, and the disruptive impact on the international monetary system has been exaggerated. [Deep Tide TechFlow]

JD.com, Standard Chartered, Ant Group, and other institutions are preparing for Hong Kong stablecoin licenses

On July 8, according to China Business News, Hong Kong's "Stablecoin Ordinance" will take effect on August 1 this year, at which time the Hong Kong Monetary Authority will begin accepting license applications. Hong Kong stablecoin licenses are relatively scarce and highly sought after, with the number of licenses expected to be issued in the single digits. However, in addition to JD.com, Standard Chartered, and Circle, which have already been officially announced, more than 40 companies are preparing to submit applications. Law firms report that there are still dozens of intended applicants currently in the consultation or material preparation stage. The applicant institutions are basically China's largest financial institutions and Internet companies, while some small companies that intend to apply have little hope. [BlockBeats]

Data: Hong Kong stablecoin licenses are expected to be issued in the single digits, with dozens of intended applications still in the preparation stage.

On July 8th, according to China Business News, Hong Kong's "Stablecoin Ordinance" will take effect on August 1st of this year, at which time the Hong Kong Monetary Authority will begin accepting license applications. Hong Kong stablecoin licenses are relatively scarce and highly sought after, with the number of licenses expected to be issued in the single digits. However, in addition to JD.com, Standard Chartered, and Circle, which have already been officially announced, more than 40 companies are preparing to submit applications. Law firms report that there are still dozens of intended applicants currently in the consultation or material preparation stage. The applicant institutions are basically China's largest financial institutions and Internet companies, while some small companies that intend to apply have little hope. [BlockBeats]

Data: Hong Kong stablecoin licenses are expected to be issued in the single digits, with dozens of intended applications still in the preparation stage

On July 8th, according to National Business Daily, the Hong Kong "Stablecoin Regulation" will take effect on August 1st this year, when the Hong Kong Monetary Authority will begin accepting license applications. Hong Kong stablecoin licenses are relatively scarce and in high demand, with the expected number of licenses to be issued in single digits. Besides the already announced JD.com, Standard Chartered, RoundCoin, and others, more than 40 companies are preparing to submit applications. Law firms have indicated that dozens of other interested parties are currently in the consultation or document preparation stage. The applying institutions are mostly China's largest financial institutions and internet companies, while some small enterprises intending to apply have slim hopes. [BlockBeats News]

Data: Hong Kong Stablecoin License Expected to be Issued in Single Digits, with Dozens of Intending Applicants in Preparation Stage

CBN: More than 40 companies are preparing to apply for Hong Kong stablecoin licenses, but it is estimated that only a single-digit number of licenses will be issued.

Hong Kong is gearing up to launch its stablecoin licensing framework as early as August 2025. Only a limited number of licenses, likely in the single digits, will be granted at the start, according to Christopher Hui, Secretary for Financial Services and the Treasury. Remarking on the same, in the report, Hui noted that stablecoins will serve to ‘address the difficulties and pain points in the real economy.’ He explained that one of the most valuable use cases is improving cross-border payments, especially in regions with unstable local currencies or underdeveloped financial systems. In such areas, sending money across borders can be slow, expensive, and unreliable. Hui further added, However, approving such tokens would require close coordination with regulators in other jurisdictions to manage risks like exchange rate volatility and systemic financial impact. Not everything is pegged to the dollar Following the approval of the Stablecoins Bill, the Hong Kong Monetary Authority (HKMA) launched a consultation on draft supervision guidelines. The upcoming directives will clarify the minimum standards under the Stablecoins Ordinance. These include full asset backing and client asset segregation and require strict redemption obligations for stablecoin issuers. Initially, the framework focused on stablecoins pegged to the Hong Kong dollar. However, interest is growing in offshore yuan-backed tokens. Major Chinese firms like JD.com and Ant Group are reportedly seeking approval from Beijing. Notably, Christopher Hui emphasized a key regulatory point. He said, any yuan-pegged stablecoin must be discussed with the relevant monetary authorities. This is because it involves the currency of another jurisdiction. Will it be able to compete against the U.S. market? Despite its growing efforts, Hong Kong faces significant global challenges in the stablecoin race, particularly from the United States. Currently, the U.S. dominates the stablecoin market, with USDT and USDC accounting for the vast majority of usage across both centralized and decentralized finance platforms. This dominance is being further reinforced by regulatory momentum. The GENIUS Act, a landmark U.S. stablecoin bill, recently passed the Senate with bipartisan support and is now advancing through the House of Representatives. Backed publicly by President Donald Trump, the bill aims to establish a national regulatory framework for fiat-backed stablecoins. Meanwhile, Hong Kong has begun building its framework, but it remains limited in scope, focusing primarily on regional currency backing and issuing licenses cautiously. Therefore, to compete globally, Hong Kong must overcome geopolitical tensions, economic constraints, and structural limitations, even as it emerges as a promising digital asset hub in Asia.

Hong Kong to launch stablecoin licensing in August 2025 – Details

据《中国经营报》报道，《Stablecoin Ordinance》将于2024年8月1日生效，届时香港金融管理局将开始接受牌照申请。记者从业内人士处获悉，香港的stablecoin牌照数量相对稀缺且竞争激烈，预计牌照数量仅为个位数。然而，除了已经正式公布的JD.com、Standard Chartered和Circle之外，还有40多家公司正准备提交申请。律师事务所表示，目前还有数十家潜在申请者处于咨询或资料准备阶段，竞争异常激烈。申请机构基本上是中国最大的金融机构和互联网公司，而一些意图申请的小型公司几乎没有希望。[Foresight News]

CBN：超过40家公司正在准备申请香港稳定币牌照，但预计最终发放的牌照数量将仅为个位数。

據《中國經營報》報道，《Stablecoin Ordinance》將於2024年8月1日生效，屆時香港金融管理局將開始接受牌照申請。記者從業內人士處獲悉，香港的stablecoin牌照數量相對稀缺且競爭激烈，預計牌照數量僅爲個位數。然而，除了已經正式公佈的JD.com、Standard Chartered和Circle之外，還有40多家公司正準備提交申請。律師事務所表示，目前還有數十家潛在申請者處於諮詢或資料準備階段，競爭異常激烈。申請機構基本上是中國最大的金融機構和互聯網公司，而一些意圖申請的小型公司幾乎沒有希望。[Foresight News]