BlockBeats news, on August 1, the Hong Kong (Stablecoin Regulation) officially comes into effect today, and the Hong Kong Monetary Authority has opened applications for stablecoin issuance licenses, marking a new phase of implementation for stablecoin development in Hong Kong. Over the past year, the Hong Kong Monetary Authority has promoted sandbox testing for stablecoin application scenarios and gradually clarified regulatory standards and application paths. Now, participating institutions will transition from testing to the formal regulatory system for issuance and circulation. According to incomplete statistics, dozens of institutions have expressed their intention to apply for stablecoin licenses, including JD Coin Chain Technology (Hong Kong) Limited, Yuan Coin Innovation Technology Limited, Standard Chartered Bank (Hong Kong) Limited, Anni Group Limited, Hong Kong Telecommunications (HKT) Limited, among 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 applications for stablecoin issuer licenses from August 1 to September 30, 2025. The Vice President of the Monetary Authority, Chen Weimin, stated that applications can be made for stablecoin licenses linked to a single fiat currency or 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.