The first batch of stablecoin licenses in Hong Kong will land in March! Regulatory compliance builds a solid foundation for the industry

Since the official implementation of the Stablecoins Ordinance in August 2025, Hong Kong has established a clear and strict regulatory framework for stablecoins. As of September 2025, the Hong Kong Monetary Authority has received 36 license applications, covering multiple entities such as banks, payment institutions, and technology companies. The digital finance ecosystem in Hong Kong is about to usher in a new chapter of stablecoin compliance development.

1、 The countdown to license plate landing begins, and the first batch of licensed institutions will be welcomed in March

Li Jiachao clearly stated that the Hong Kong Monetary Authority is steadily advancing license approval and aims to complete the first batch of issuance by March. The Hong Kong stablecoin licensing mechanism has gone through four stages: policy exploration, sandbox verification, legislative implementation, and license approval. The sandbox plan was launched in March 2024, and the draft regulation was passed in May 2025 and officially came into effect in August, gradually forming a sound regulatory system. ​

The Chief Executive of the Hong Kong Monetary Authority, Yu Weiwen, revealed that the application is currently being evaluated, and some institutions need to supplement relevant materials. The first batch of licenses will be strictly controlled in single digits to ensure the compliance ability of licensed institutions based on the principle of "prudence". The market expects that the three major note issuing banks, sandbox testing institutions, and strong technology companies in Hong Kong are expected to become the first batch of licensed entities. ​

2、 Strict regulatory standards establish a solid bottom line for stablecoin compliance

The Stablecoins Regulations establish clear and strict regulatory standards for issuers, focusing on key areas such as capital strength and reserve management, while balancing financial stability and innovation.

According to the regulations and supporting guidelines, licensed institutions must meet four core requirements: firstly, the paid in capital must not be less than HKD 25 million to ensure their ability to resist risks; The second is to reserve assets that cover 100% of the circulating volume, entrust third-party custody, and separate customer assets; Thirdly, regular independent audits, timely disclosure of information, and acceptance of normalized supervision; The fourth is to establish a sound redemption mechanism and provide unconditional redemption services for holders. ​

In addition, only fiat anchored stablecoins require a license, while illegal anchored stablecoins are not currently subject to regulation but must comply with anti money laundering regulations; Cross border business of licensed institutions must comply with local regulatory requirements. ​

3、 36 applications for diversified coverage, with high enthusiasm for industry participation

Despite strict regulations, the enthusiasm for market applications is high. As of September 2025, the Hong Kong Monetary Authority has received 36 applications, and the application window will close on the 30th of that month. The applicant is diversified, covering banks, payment institutions, technology companies, etc., including well-known institutions such as Ant Group, Xiaomi Tianxing Bank, and Standard Chartered Bank.

The three major note issuing banks in Hong Kong are highly anticipated for their financial infrastructure and compliance experience; Organizations participating in sandbox testing and Internet giants in the Web3 field are also among the first batch of popular candidates for licenses.