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2025-08-01 09:53:20
Applications for Hong Kong Stablecoin Licenses Underway! First Batch of Note-Issuing Banks Expected to Be First] On August 1st, Hong Kong's Stablecoin Ordinance officially came into effect. The Hong Kong Monetary Authority recently issued a series of supporting guidelines, including the "Guidelines for the Supervision of Licensed Stablecoin Issuers," clarifying the application requirements for issuer licenses, including financial requirements, personnel qualifications, reserve assets, custody and redemption requirements, jurisdiction, and transitional arrangements. Securities China reporters learned that Hong Kong note-issuing banks, such as Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong), are essential players in this application process. Whether driven by their own development needs or regulatory impetus, they are likely to be the first to apply for stablecoin issuer licenses. Furthermore, Chinese banks, sandbox testing companies, large state-owned enterprises, and internet giants with payment licenses are also eager to apply. Initially, securities firms will focus on stablecoin trading, custody, financing, and consulting, as well as providing digital asset allocation services related to the tokenization of traditional assets. Currently, 44 institutions, including securities firms, have upgraded their virtual asset trading licenses, an increase of three since the end of June. (Securities China)
