Earlier this year, Hong Kong regulators signaled that the first stablecoin licenses would be granted before the end of the first quarter. But now, in the second quarter, the approvals are still nowhere to be seen.
According to Caixin , the Hong Kong Monetary Authority (HKMA) said it is still processing and reviewing the application and will provide updates as progress is made, but has not given a new timeline.
The delay is believed to be due to authorities requiring applicants to revise and clarify crucial parts of their applications, such as information on reserve assets, anti-money laundering controls, stablecoin redemption mechanisms, and operational scenarios in the event of extreme market stress.
The HKMA said it has received 36 applications under the licensing framework effective from August 2025, which stipulates that any organization wishing to issue stablecoins in Hong Kong must obtain a license beforehand.
Previously, the market expected the first licenses to go to major regional banks, particularly HSBC and Standard Chartered. A joint venture backed by Standard Chartered, Animoca Brands and HKT, was also among the first to express its intention to apply as soon as the legal framework came into effect.
Caixin also said a second wave of applications is forming, with names like Futu Securities and OSL Group (the first officially licensed crypto exchange in Hong Kong) XEM as strong contenders for the next licensing rounds.
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The article "Hong Kong Misses First Stablecoin License Deadline in March" first appeared on CoinMoi .
