#HongKongIssueStablecoinLicenses

🔥Hong Kong Prepares to Issue Stablecoin
⏱️Licenses in March Initial Licenses Will Be Limited
Clear Signal from HKMA
The Hong Kong Monetary Authority (HKMA) has accelerated the licensing process for institutions issuing fiat-backed stablecoins. HKMA CEO Eddie Yue announced at a Legislative Council meeting on February 2, 2026, that the first licenses will be issued in March 2026, initially with only a very small number of approvals.
Current Status and Key Figures
The HKMA has received a total of 36 applications under the Stablecoins Ordinance, which came into effect in August 2025.
The application review process is almost complete; some applicants have been asked for additional information (use cases, risk management, AML measures, reserve asset quality, etc.).
The number of institutions to be approved in the first round will be very small – this is seen as a reflection of the HKMA's policy of maintaining the highest quality and security standards. Basic Rules of Regulation (Reminder)
Licensed issuers are required to maintain a reserve of high-quality liquid assets at a 1:1 ratio.
Full transparency and immediate redemption rights must be provided for user funds.
Foreign institutions issuing stablecoins pegged to the Hong Kong dollar are also required to obtain a license.
Unlicensed stablecoin activity is prohibited with heavy penalties (fines up to HKD 5 million + imprisonment up to 7 years).
Why is it Important?
Hong Kong is the leading center in Asia in establishing a regulated stablecoin ecosystem. The transition from the sandbox phase (started in 2024 with participants such as JD Coinlink and RD InnoTech) to a fully licensed market will usher in a new era for both traditional finance and Web3 players. Although the number of licenses is initially kept low, this step is expected to:
Accelerate institutional stablecoin projects,
Put Hong Kong ahead of Singapore and Dubai in the competition,
And create a reliable foundation for real-world use cases (cross-border payments, tokenized deposits, DeFi integration, etc.). We will most likely see significant market activity when the first licensed names are announced in March.