Over 40 Firms Prepping for Hong Kong Stablecoin License Applications: Report
Main Idea
Over 40 firms are preparing to apply for Hong Kong stablecoin licenses, but the HKMA is expected to approve only a small number, reflecting a cautious regulatory approach.
Key Points
1. More than 40 firms are preparing applications for Hong Kong stablecoin licenses.
2. The HKMA is likely to approve only a single-digit number of licenses.
3. The HKMA's stablecoin sandbox includes participants like Standard Chartered’s joint venture, JD.com’s blockchain division, and Ant Group’s digital finance units.
4. The HKMA has previously granted only 11 licenses for virtual asset platforms, indicating a strict approval process.
5. The sandbox provides an early indication of how narrow the approval funnel may be for stablecoin licenses.
Description
Hong Kong’s stablecoin licensing regime, set to begin on August 1, is drawing significant interest from the region’s financial and tech heavyweights, with local media in China reportin g that over 40 applications have been received. But expectations are being tempered by the reality that the Hong Kong Monetary Authority (HKMA) is likely to approve only a single-digit number of licenses, according to reports, making this one of the most competitive regulatory races in the city’s digital finance h...
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