The Hong Kong "Stablecoin Regulation" has officially come into effect today, opening the first round of stablecoin issuer license applications.

On August 1st, the "Stablecoin Regulation" in Hong Kong officially came into effect today. The Hong Kong Monetary Authority has opened the application for stablecoin issuance licenses, marking a new stage in the development of stablecoins in the Hong Kong region. Over the past year, the Hong Kong Monetary Authority has promoted sandbox testing of stablecoin application scenarios, gradually clarifying regulatory guidelines and application processes. Now, participating institutions will transition from testing to the formal issuance and circulation under the regulatory framework. According to incomplete statistics, dozens of institutions have indicated that they will apply for a stablecoin license, including JD Coin Chain Technology (Hong Kong) Limited, RoundCoin Innovation Technology Limited, Standard Chartered Bank (Hong Kong) Limited, Onchain Group Limited, Hong Kong Telecommunications (HKT) Limited, and others. Meanwhile, more local banks, tech companies, and Web3 teams are making further preparations around clearing systems, custody mechanisms, and payment interfaces. The Hong Kong Monetary Authority will accept applications for the first round of stablecoin issuer licenses from August 1, 2025, to September 30, 2025. Chan Wai-Man, the deputy chief executive of the Monetary Authority, stated that applications can be made for stablecoin licenses pegged to a single fiat currency or to a basket of fiat currencies, but the currency must be clearly specified in the application. Chan Wai-Man also emphasized that the entry threshold is very high, and the first license is expected to be issued in early next year.