The Hong Kong (Stablecoin Regulation) will officially launch on August 1, introducing a licensing system for stablecoin activities for the first time, attracting significant attention from technology companies and traditional financial firms. According to reports from mainland media (Economic Daily), more than 40 companies are gearing up to apply for licenses, creating an unprecedentedly enthusiastic scene.
Reports indicate that among the institutions interested in applying for licenses, in addition to the three groups participating in the stablecoin issuer 'sandbox' (Standard Chartered Bank, Animoca Brands, Hong Kong Telecom; JD Coin Chain Technology; Yuan Coin Innovation Technology), there are over 40 companies preparing to apply for stablecoin licenses, and several dozen potential applicants reported by law firms, most of which are large financial institutions and technology companies from China.
However, the number of operators who can ultimately obtain the 'entry ticket' is likely to be very few. Hong Kong's Secretary for Financial Services and the Treasury, Au Ka-wang, recently stated that the goal is to issue stablecoin licenses within this year, but the number of licenses issued will be 'single digits'. In other words, this stablecoin competition may become the most intense selection battle in Hong Kong's financial history.
It is worth noting that Hong Kong has always been cautious about the regulation of digital assets. When the Securities and Futures Commission (SFC) promoted the licensing system for virtual asset exchanges, the initial application enthusiasm was high, but so far only 11 licenses have been issued. During this process, several well-known platforms even withdrew their applications because authorities found that some platforms' operations did not meet regulatory requirements after conducting a series of on-site inspections.
Now that the stablecoin licensing system is about to be launched, it is set to become a touchstone for Hong Kong to reshape digital finance rules in Asia. This high-pressure selection process will not only test the strength and compliance awareness of issuers but also determine who can seize the 'legal stablecoin' ticket first and secure a foothold in the next round of financial order.
"Hong Kong's 'Stablecoin Licensing System' to Launch in August: Over 40 Companies Compete for Licenses, Only 'Single Digits' Can Break Through" This article was first published on (Block Guest).