Hong Kong to start issuing first stablecoin licenses within months, with companies like Ant Group and JD.com already in line.
In a recent interview with China Daily, Hong Kong Financial Secretary Paul Chan Mo-po revealed that regulators have received “a number of applications” from entities seeking to become licensed stablecoin issuers in the city, with the first licenses expected to be granted in the coming months.
Speaking on June 20, Chan explained that the government is taking a step-by-step approach—starting with establishing a regulatory foundation and initially focusing on fiat-pegged tokens.
“The stablecoin, particularly when it is referenced to fiat currencies, (has) many user case scenarios,” Chan said.
Looking ahead, Chan said the next phase could include stablecoins that are “real and integrated with the real economy.” The goal, he added, is to ensure these digital assets serve practical use cases (e.g. improving cross-border payments) rather than becoming speculative instruments.
Since July of last year, several companies have been testing their use cases under the HKMA’s stablecoin sandbox, with Hong Kong Telecommunications, Standard Chartered, and Animoca Brands among the sandbox participants.
The announcement follows the passage of Hong Kong’s Stablecoins Bill by the Legislative Council in late May. The new Stablecoins Ordinance, which comes into effect on August 1, mandates that any entity issuing fiat-backed stablecoins—whether pegged to the Hong Kong dollar or otherwise—must obtain a license from the Hong Kong Monetary Authority.
A number of local and international firms have already already announced plans to seek stablecoin licenses in Hong Kong, including tech giants like JD.com and Ant Group, banking institutions like Standard Chartered, as well as some logistics companies.
