Hong Kong Monetary Authority: 77 applications for stablecoin licenses have been received, and only a few will be granted in the initial stage

A spokesperson for the Hong Kong Monetary Authority (HKMA) recently revealed that as of August 31, 2019, the authority had received 77 applications for stablecoin issuer licenses from institutions.

These institutions are diverse, encompassing banks, technology companies, securities and asset management firms, investment firms, e-commerce platforms, payment service providers, as well as startups and Web3-related institutions.

The HKMA has clarified that it will not publicly disclose which institutions have expressed interest or formally submitted applications, nor which institutions it is currently communicating with. The HKMA emphasized that expressions of interest or submissions, as well as all communications between the HKMA and relevant parties, are merely part of the licensing review process and do not constitute approval for any institution, nor should they be interpreted as an endorsement of their application prospects.

Ultimately, the issuance of a license will be strictly based on whether the applicant fully meets the licensing conditions set by the HKMA and relevant regulatory requirements.

This licensing regime aims to regulate Hong Kong's stablecoin issuance market, safeguard financial stability and consumer rights, and promote the steady development of the industry. The HKMA will continue to handle each application in accordance with the principles of openness, fairness and rigor.