Hong Kong Sees 36 Stablecoin License Applications as Regulatory Framework Rolls Out for Early 2025 Licenses

Hong Kong is moving ahead with its stablecoin licensing program, per COINOTAG News citing the Hong Kong Economic Daily. By September’s end, the city had received 36 stablecoin license applications across diverse sectors. Authorities expect some licenses early next year, prioritising reserve management, price stability, and anti‑money laundering safeguards to protect investors and reduce disputes via a clearer regulatory path.

With the Stablecoin Ordinance in effect since August, the HKMA says applications will be assessed under the statute, with only a limited number issued initially due to a high threshold. On virtual asset trading and custody services, authorities are collaborating with the SFC to finalise rules for Legislative Council consideration next year, seeking a framework that balances risk governance, innovation, and transparency. The government also aims to align Web 3.0 and digital assets standards for investor protection and international alignment; a PBOC warning on illicit use frames the trajectory.