Hong Kong Monetary Authority: Received 36 stablecoin license applications, aiming to issue the first batch of licenses by March

Odaily Planet Daily reports that Hong Kong Monetary Authority Chief Executive Yu Weiwen stated that the first round has received license applications for stablecoins from 36 institutions. The authority is currently conducting ongoing assessments and aims to make a decision as soon as possible, with the first batch of licenses expected to be issued in March.

Yu Weiwen pointed out that regulators have requested additional information for some applications. Since the initial submissions mainly contain basic information required for licensing, subsequent reviews will focus on verifying specific use cases, risk management arrangements, and reserve asset composition. With complete documentation, the HKMA will strive to complete the first batch of licenses by March, but emphasized that the number of licenses issued in this first round will not be large, and the process will proceed cautiously and prudently.