Hong Kong is witnessing an active preparation for stablecoin license applications, with over 40 companies including major players like JD.com and Ant Capital in line.
Preparation for Applications
According to a recent report by local media outlet First Financial, more than 40 companies are aiming for stablecoin licenses as the launch date for the new regulatory framework approaches. There is a high level of interest in this market segment.
Limited Number of Licenses
Despite the large number of applications, it is expected that licenses will be issued in limited numbers. Local sources indicate that regulators may issue only a few licenses, creating intense competition among applicants.
Steps Towards Implementing the New Regulatory Framework
Government officials note that the approach to stablecoin licensing will be gradual. Financial Secretary Paul Chan emphasizes the establishment of a regulatory foundation, initially focusing on fiat-pegged tokens. This aims to make Hong Kong a competitive global hub for stablecoin issuers.
Hong Kong is making strides to create a sustainable regulatory environment for stablecoins, positioning itself as a key player in the global digital asset landscape.
