According to Deep Tide TechFlow, the President of the Hong Kong Monetary Authority, Yu Weiwen, stated that the stablecoin issuer sandbox program starting in 2024 is not a prerequisite for applying for a license. Participation in the sandbox program does not guarantee a license.
The Monetary Authority will prudently consider all license applications based on a consistently rigorous standard. Applicants must present specific and feasible business proposals, focusing on reserve management capabilities, compliance systems, and technical security.
The first batch of stablecoins will focus on cross-border trade and Web3.0 applications. The Hong Kong (Stablecoin Regulation) has been approved and will take effect on August 1, 2025.