The HKMA of Hong Kong will issue some stablecoin licenses upon launch.

The Hong Kong Monetary Authority (HKMA) has stated that it will issue very few stablecoin licenses, despite interest from up to 77 organizations. Among these are major names such as the Industrial and Commercial Bank of China (ICBC) and Bank of China (Hong Kong), while HSBC is still following. According to legislator Ng Kit-chong, the new regulations are designed to be strict, and possibly only one license will be issued in early 2025. Hong Kong is also preparing legislation to regulate offline OTC cryptocurrency transactions next year.

The HKMA requires the submission of complete documents before the end of September and warns that submitting an application does not mean approval. The public is advised to avoid advertising unlicensed stablecoins. According to S&P Global Ratings, the first licensed group is likely to be large technology companies and banks, while smaller banks find it difficult to participate due to capital burdens. Ng Kit-chong stated that stablecoins are only a part of a global trend as digital assets gradually enter national reserves.