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Hong Kong’s stablecoin licensing to adopt invite-only approach: report
The regulatory watchdog in charge of the framework will employ a thorough, exclusive vetting process for potential issuers.
According to local reports on July 20, the incoming stablecoin licensing regime under the Hong Kong Monetary Authority (HKMA) will not be open to general applications in its initial stages but will follow an invitation-based system
Set to take effect on August 1, 2025, this approach aims to ensure that only qualified players enter the market. Citing unnamed sources, the report added that the HKMA will engage beforehand with potential issuers to identify whether or not they satisfy its regulatory requirements for issuance
These are expected to include the strict set of conditions for approval outlined earlier in the year, including robust risk controls, compliance with anti-money laundering rules, and a clear demonstration of real-world use cases for any stablecoin issued.
If approval is obtained in this phase, the regulatory authority will proceed to grant the application for the licensing. The latest report comes as competition heats up in the local scene among interested participants, with more than 40 entities reportedly gearing up to apply for the license upon rollout
Despite the strong interest, local industry sources believe that authorities may issue only a handful of licenses, potentially in the single digits, reflecting a cautious approach designed to maintain oversight and tight control over the new regime.
The Hong Kong government has consistently pushed bold initiatives for its crypto sector, and the stablecoin licensing regime is part of a broader plan to put the local market on the global map.
Financial Secretary Christopher Hui explained recently that the framework “will help attract more institutions from different parts of the world to issue stablecoins in Hong Kong according to actual application scenarios, which will greatly enhance the liquidity of related activities and the competitiveness of the Hong Kong market.”
Further regulations for the industry are also in the pipeline, including measures for crypto trading platforms, over-the-counter services, and custodians, which are expected to roll out in the coming months.