According to Deep Tide TechFlow, the Hong Kong Monetary Authority's president, Yu Weimen, stated that the sandbox program for stablecoin issuers launching in 2024 is not a prerequisite for applying for a license. Participation in the sandbox program does not guarantee obtaining a license.
The Monetary Authority will prudently consider all license applications based on consistent and stringent standards. Applicants must present specific and feasible business plans, focusing on reserve management capabilities, compliance systems, and technical security.
The first batch of stablecoins will focus on cross-border trade and Web3.0 applications. The Hong Kong (Stablecoin Regulation) has been approved and will take effect on August 1, 2025.