Hong Kong’s stablecoin licensing process has faced delays, leaving the first approvals pending. The Hong Kong Monetary Authority (HKMA) had initially planned to issue the first batch of stablecoin issuer licenses in March 2026.
These licenses are part of Hong Kong’s Stablecoin Ordinance, which the country officially launched on the 1st of August, 2025, and it requires any company that issues stablecoins in Hong Kong to obtain regulatory approval before operating.
Source: Finance.Caixin
In early February, Eddie Yue, the chief executive of the HKMA, confirmed that the authority was actively reviewing all of Hong Kong’s stablecoin companies’ applications and collecting information from prospective issuers.
Around the same time, Hong Kong Financial Secretary Paul Chan Mo-po stated in his 2026/27 budget address that the first batch of licenses would be issued in March. However, this goal was not achieved, raising questions about the stumbling blocks the regulatory body might be facing.
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So far, it has been said that the delay might have come from Hong Kong’s stablecoin regulators that were urging applicants to refine the key components of their submissions.
Some of the areas that are currently under scrutiny are disclosures of reserve assets, anti-money laundering safeguards, mechanisms for redeeming stablecoins, and also plans for operating under extreme stress scenarios.
According to the HKMA, it has received a total of 36 applications under the new regime, showing that stablecoin companies are interested in operating in Hong Kong’s digital asset market.
Some of the top banks in the region have been expected to lead the initial approvals. HSBC and Standard Chartered are rumored to be front-runners for the first batch of licenses, showing their strong positions in Hong Kong’s financial ecosystem.
Additionally, a joint venture backed by Standard Chartered, Animoca Brands, and HKT was also among the first to signal its intent to apply when the licensing framework became effective, which clearly shows the growing interest of both traditional and tech-driven financial players in the city’s stablecoin market.
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