Hong Kong is solidifying its position as a leading stablecoin hub in Asia, with over 40 companies preparing to file for licenses under its new Stablecoin Bill, according to a report by Yicai.The Stablecoin Bill, which takes effect on August 1, will formally open the door for regulated stablecoin issuance, settlement, and related services under the oversight of the Hong Kong Monetary Authority (HKMA).Major players lined up include big names like JD.com, Ant Group, Standard Chartered, and Circle, all of which have publicly confirmed their intent to apply. Several law firms advising applicants say they’re managing consultations for even more companies that are still finalizing their documentation.
“Many small and medium-sized companies are not qualified to apply and are only using the topic for short-term publicity,” said Alex Zuo, who leads the payments division at Cobo, underlining that most serious candidates are large mainland Chinese enterprises.
The applicant pool ranges from digital finance providers and logistics firms with global operations to internet companies diversifying into blockchain. Many firms are hiring blockchain compliance specialists and engineers to develop stablecoin issuance and settlement infrastructure as well as multi-address wallet tools for fiat conversion.
Zuo noted an emerging divide between firms making genuine moves to develop regulated stablecoin offerings and those issuing vague statements without operational substance.
Hong Kong’s Regulatory Benchmark
Qiao Yide, vice president of the Shanghai Development Research Foundation, emphasized that stablecoins are not replacements for sovereign currencies but extensions, always pegged to fiat. He pointed out that the true cost of stablecoin transactions, including exchange fees, on-chain processing, and compliance, may reach up to one percent.
Hong Kong’s new framework is now seen as a blueprint for balancing regulated issuance with crypto-native features. Other jurisdictions are also moving forward, with Singapore, Japan, and the European Union each drafting their own stablecoin licensing rules covering payments and reserve backing.
The outcome of Hong Kong’s licensing wave may shape how other Asian financial centers design their oversight structures to attract credible private stablecoin issuers while maintaining monetary control.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
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