ICBC (Asia) and HSBC Signal Interest in Hong Kong Stablecoin Licenses

Key Takeaways:

ICBC (Asia) and HSBC are preparing to apply for stablecoin licenses under the Hong Kong Monetary Authority (HKMA).

As of August 31, 77 institutions, including banks and tech firms, have expressed interest.

The HKMA says it will issue only a limited number of licenses at the initial stage.

ICBC (Asia) and HSBC are seeking entry into Hong Kong’s regulated stablecoin market, with both institutions confirming plans to apply for a license under the Hong Kong Monetary Authority’s (HKMA) new framework.

While ICBC (Asia) has confirmed its application process, it remains unclear whether HSBC will formally file its submission before the end of September, according to the Hong Kong Economic Journal.

The HKMA revealed that by the end of August, 77 firms had expressed their intention to apply, spanning both traditional banks and technology companies. However, the regulator emphasized that it will approve only a select few licenses in the early rollout.