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2025-07-29 17:18:24
Is the door to stablecoin licenses open? Hong Kong's new financial regulations ignite deep market competition. ⑴ On July 29th, Beijing time, the Hong Kong Monetary Authority (HKMA) officially issued and implemented the regulatory regime for stablecoin issuers, explicitly stating that institutions interested in applying for a license to conduct regulated stablecoin activities should express their interest to the Licensing Division. ⑵ This initiative aims to facilitate initial informal discussions, allowing the Licensing Division to gain a deeper understanding of the applicant's background and business model, and ensure they fully understand the licensing process and the Monetary Authority's minimum standards. ⑶ Early communication can help avoid premature applications and shorten the processing time for subsequent applications. ⑷ When granting a license, the Monetary Authority may impose any conditions as necessary, but must be satisfied that the licensee will meet all applicable minimum standards. ⑸ The introduction of this regime marks a significant step forward in Hong Kong's digital asset regulation, aiming to provide a clearer compliance path for the stablecoin market while mitigating potential risks. ⑹ This move may attract more compliant stablecoin issuers to the Hong Kong market, thereby enhancing Hong Kong's competitiveness in the global digital finance sector.
