BlockBeats news, August 1, Hong Kong's (Stablecoin Regulation) officially takes effect today. The Hong Kong Monetary Authority has opened applications for stablecoin issuance licenses, marking a new phase in the development of stablecoins in the Hong Kong region. Over the past year, the Hong Kong Monetary Authority has promoted sandbox testing for stablecoin application scenarios and has gradually clarified regulatory standards and application pathways. Now, participating institutions will move from testing to the formal regulatory system for issuance and circulation. According to incomplete statistics, dozens of institutions have indicated that they will apply for stablecoin licenses, including JD Coin Chain Technology (Hong Kong) Co., Ltd., Yuan Coin Innovation Technology Co., Ltd., Standard Chartered Bank (Hong Kong) Limited, Anyi Group Limited, Hong Kong Telecom (HKT) Limited, and others. Meanwhile, more local banks, technology companies, and Web3 teams are making further preparations around clearing systems, custody mechanisms, and payment interfaces.
The Hong Kong Monetary Authority will accept the first round of stablecoin issuer license applications from August 1 to September 30, 2025. The Vice President of the Monetary Authority, Chen Weimin, stated that applications for stablecoin licenses linked to a single fiat currency can be made, as well as licenses linked to a basket of fiat currencies, but the currency type must be clearly specified at the time of application. Chen Weimin also emphasized that the licensing threshold is very high, and the first license is expected to be issued early next year.