Hong Kong Monetary Authority: 77 expressions of interest received for stablecoin license applications, only a few licenses will be issued in the initial stage

A spokesperson for the Hong Kong Monetary Authority (HKMA) stated that as of August 31, a total of 77 entities have expressed their intention to apply for a stablecoin license to the HKMA. These entities include banks, technology companies, securities/asset management/investment firms, e-commerce companies, payment institutions, and startups/web3 companies. The HKMA will not disclose the list of entities that have expressed interest or formally submitted applications. The spokesperson emphasized that expressing intention or submitting a stablecoin license application, as well as communication between the HKMA and relevant entities, are merely parts of the application process and do not constitute approval of any entity, nor do they imply any endorsement of the prospects for license approval. Whether a license is ultimately granted will depend on whether the application meets the licensing requirements.
The spokesperson stated that it has been clearly indicated earlier that only a few stablecoin licenses will be issued in the initial phase. The HKMA has been arranging meetings with interested entities, hoping that communication during this period will help these entities seriously assess the necessity and maturity of their stablecoin issuance plans, and thus decide whether to submit a formal application. The HKMA once again reminds the public to remain vigilant against the promotion of unlicensed stablecoins.