Hong Kong’s Monetary Authority is finalising review of stablecoin issuer applications and plans to grant the first licences in March, approving only a very small number initially. Assessments prioritise use case, risk management, anti‑money‑laundering controls and the quality of backing assets; licensed issuers must follow Hong Kong’s cross‑border rules. The HKMA received 36 first‑round applications, warned many lacked operational readiness or technical expertise, launched a public registry in July 2025 that remained empty, and prior reports named potential applicants including Anchorpoint (Standard Chartered/Animoca), HSBC and ICBC.

HKMA will start issuing stablecoin licences in March but will approve only a very small initial batch. The regulator’s criteria centre on use cases, risk management, AML controls and quality of backing assets, and licencees must obey cross‑border rules. 36 applications were received and many applicants were judged not operationally ready; a public registry launched in July 2025 remained empty. These concrete regulatory actions enable licensed issuance but are limited in scope, so market impact is moderate.