In the first month of implementation of the stablecoin regulations, 77 applications were received. The Hong Kong Monetary Authority reiterated that only a few stablecoin licenses were issued at the initial stage

The Zhitong Finance App learned that the “Stablecoin Ordinance” came into effect on August 1. The Hong Kong Monetary Authority earlier encouraged institutions interested in applying for a Hong Kong stablecoin issuer license to contact the Authority on or before August 31. A spokesman for the Hong Kong Monetary Authority announced on September 1 that 77 applications were received in August, involving institutions from banks, technology companies, securities/asset management/investment companies, e-commerce, payment institutions, start-up/web3 companies, etc. The spokesperson once again reiterated that in the early stages of implementation of the regulations, only a few stablecoin licenses will be granted.

The Hong Kong Monetary Authority stated that it will not publish a list of institutions that have expressed their intentions or formally submitted applications to it. The Council stressed that the expression of intention or submission of an application for a stablecoin license, as well as communication between the HKMA and the relevant institutions, is only a process of applying for a license and does not constitute approval for any institution, nor is it an endorsement of the future of its approved license. The final issuance of a licence will depend on whether the application meets the licensing requirements.

The Hong Kong Monetary Authority has arranged meetings with institutions that have expressed their intentions. It is hoped that the communication during this period will help these institutions to carefully evaluate the necessity and maturity of their stablecoin issuance plans, so as to decide whether to submit formal applications. The bureau once again reminds the public to be wary of the promotion of unlicensed stablecoins.

The Hong Kong Monetary Authority stated earlier that licensing will be an ongoing process. If individual institutions believe they are fully prepared and want to be considered as soon as possible, they should submit applications to the Hong Kong Monetary Authority on or before September 30.