According to a report published by Yicai, before the new stablecoin regulations are implemented in Hong Kong, more than 40 companies have already consulted authorities about licenses.
This regulatory policy will officially take effect on August 1, based on the (Stablecoin Bill), at which point the Hong Kong Monetary Authority (HKMA) will begin accepting formal applications for stablecoin licenses.
Large enterprises are competing to apply for stablecoin licenses.
Currently, companies that have publicly expressed their intention to apply include JD.com, Ant Group, Standard Chartered Bank, and stablecoin issuer Circle. Several law firms assisting clients in preparing applications told Yicai that they are providing ongoing consulting for other clients who are still organizing application materials.
Left You, head of the Cobo payment department, stated that most applicants are large enterprises from mainland China. 'Many small and medium-sized companies actually do not meet the application qualifications and are just using this topic for short-term hype and publicity,' he said.
The companies preparing to apply include digital financial service providers, logistics companies with overseas operations, and Internet technology companies. Some of these companies have begun recruiting for blockchain compliance and engineering-related positions. Their application purposes include stablecoin issuance, building clearing infrastructure, and supporting fiat currency exchange with multi-address wallet tools.
Left You pointed out that two different types of companies are gradually emerging in the market: one type is companies that are genuinely investing in research and development of stablecoin services, and the other type is those that simply release public statements to hype concepts without the necessary technical and operational foundation.
Hong Kong is becoming a new benchmark for stablecoin regulation.
Qiao Yide, vice president of the Shanghai Development Research Foundation, stated that stablecoins are an extension of currency and do not replace the existing monetary system.
'They are still pegged to sovereign currencies,' he said. He further pointed out that when considering exchange fees, on-chain processing costs, and compliance reviews, the complete transaction costs of stablecoins may approach 1%.
Hong Kong's current stablecoin regulatory process has become a model case for global financial regulatory agencies exploring the 'regulated issuance' model—constructing a regulatory framework without fully adopting the native logic of cryptocurrency. Although the number of licenses issued is still limited, the demand for applications from qualified institutions continues to grow.
At the same time, several jurisdictions, including Singapore, Japan, and the European Union, are advancing their own stablecoin regulatory frameworks, focusing on payment scenarios and reserve asset management. The regulatory frameworks in different regions represent various pathways for integrating private digital currencies into formal financial regulation.
The regulatory achievements in Hong Kong may influence how the Asian financial center balances reserve support, compliance requirements, and operational boundaries in the future.