Hong Kong Monetary Authority: Only a small number of licenses will be issued in the initial implementation of the Stablecoin Regulation

According to the Hong Kong Economic Journal, the Hong Kong Monetary Authority (HKMA) stated that as of the end of August, it had received 77 applications for stablecoin issuer licenses from banks, technology companies, securities/asset management firms, e-commerce companies, payment institutions, and Web3 startups. The HKMA reiterated that only a small number of licenses will be issued during the initial implementation of the regulations and recommended that well-prepared institutions submit formal applications by the end of September. The HKMA emphasized that the submission of an expression of interest or application does not constitute any approval or endorsement, and warned the public to be wary of unlicensed stablecoin promotion.