HKMA to Issue First Stablecoin Licences in March, Few Approvals Expected
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Hong Kong plans first stablecoin licences in March, with limited approvals expected as regulators finalize reviews under new Stablecoin Ordinance. Hong Kong is approaching a major regulatory milestone for digital assets this March. HKMA Chief Executive Eddie Yue confirmed that the stablecoin issuer licences will be issued in the near future. However, regulators anticipate that a very small number of approvals will be granted during the initial rollout. HKMA Finalizes Reviews Ahead of March Decisions Speaking at a meeting of the Legislative Council, Yue said the process for reviewing the application is almost finished. In this regard, he added that the authorities continue to be concerned with keeping monetary stability and market confidence. Therefore, regulators are focusing on quality controls, instead of licensing volume in a short amount of time. Related Reading: Hong Kong Enacts Stablecoin Ordinance, Begins License Processing | Live Bitcoin News At a later media briefing, Yue explained the basic evaluation standards used to make decisions. These include defensible use cases, operational resilience, and comprehensive financial risk management. Also, evaluations highlight robust anti-money laundering safeguards and clear structures of reserve backing. Yue explained that issuers of such are responsible for proving the utility of stablecoins in real economic activity. Furthermore, applicants must have effective governance and internal compliance systems. As a consequence, speculative models have less than good chances to be approved in the first licensing phase. The HKMA did not reveal how many applications have been received so far. Likewise, officials refused to say how many licences could be granted in March. Nevertheless, regulators emphasized that all the approvals will be on consistent supervisory benchmarks. Stablecoin Ordinance Signals Shift Toward Formal Oversight Hong Kong’s Stablecoin Ordinance becomes official on August 1, 2025. Under the framework, all issuers of fiat-referenced stablecoins would need to obtain regulatory licences.…
Filed under: News - @ February 2, 2026 8:29 pm