Hong Kong Draws Stablecoin Applications from Over 40 Major Firms
2025-07-10 00:38:37
Main Idea
Hong Kong has attracted over 40 major firms to apply for stablecoin licenses under its new Stablecoin Bill, which will take effect on August 1, with the HKMA overseeing the process.
Key Points
1. Firms like JD.com, Ant Group, Standard Chartered, and Circle have publicly stated their intent to apply for stablecoin licenses in Hong Kong.
2. Many applicants are large mainland Chinese firms with overseas operations, and some are hiring for wallet tools to facilitate fiat conversion.
3. Hong Kong’s regulatory approach emphasizes structured oversight, distinguishing it from other jurisdictions like Singapore, Japan, and the EU, which focus on payment use and reserve requirements.
4. Smaller firms are less likely to receive licenses due to higher compliance costs and operational challenges.
5. Hong Kong’s stablecoin framework may influence how Asian financial centers balance reserve backing, compliance, and operational scope.
Description
Hong Kong is processing license inquiries from more than 40 companies ahead of its new stablecoin regulation, according to a report published by Yicai. The regulation, under the Stablecoin Bill, will come into effect on August 1, when the Hong Kong Monetary Authority (HKMA) begins accepting formal applications. Major Firms Line Up for Stablecoin Licenses Firms that have publicly stated their intent to apply include JD.com, Ant Group, Standard Chartered, and Circle. Several law firms assisting cl...
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