🇭🇰 Hong Kong restricts stablecoin licenses for major players

The authorities in Hong Kong are introducing a strict licensing regime for stablecoins, allowing issuance only to 3-4 key financial institutions.

Among them are major Chinese banks and companies.

Starting from August 1, 2025, all stablecoin holders will be required to undergo identity verification. This step is aimed at increasing transparency and combating money laundering.

Kelvin Chan from HKMA stated: "The new requirements are stricter than the previous 'white list' system and are aimed at minimizing risks".