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Hong Kong Monetary Authority: Applications for a basket of fiat-backed stablecoins are possible, with the first license possibly issued early next year.

ChainCatcherJul 30, 2025
#DeFi
According to the Daily Economic News, Howard Chan, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), stated at a technical briefing on the regulatory regime for stablecoin issuers that the number of stablecoin issuer licenses to be issued in the first phase is still uncertain and will depend on the quality of the application materials submitted by the applying institutions. He expects the first stablecoin issuer license to be issued in early next year and emphasized that "the threshold for passing is very high," and entering the "sandbox test" does not mean that a license will be approved. Howard Chan also stated that the HKMA maintains an open attitude regarding fiat currency types. Stablecoin issuers can apply for a license for a stablecoin pegged to a specific fiat currency or a basket of fiat currencies. The key is to specify the fiat currency type in the application. [ChainCatcher]
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Hong Kong Monetary Authority: Applications for a basket of fiat-backed stablecoins are possible, with the first license possibly issued early next year.

ChainCatcherJul 30, 2025
#DeFi
According to the Daily Economic News, Howard Chan, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), stated at a technical briefing on the regulatory regime for stablecoin issuers that the number of stablecoin issuer licenses to be issued in the first phase is still uncertain and will depend on the quality of the application materials submitted by the applying institutions. He expects the first stablecoin issuer license to be issued in early next year and emphasized that "the threshold for passing is very high," and entering the "sandbox test" does not mean that a license will be approved. Howard Chan also stated that the HKMA maintains an open attitude regarding fiat currency types. Stablecoin issuers can apply for a license for a stablecoin pegged to a specific fiat currency or a basket of fiat currencies. The key is to specify the fiat currency type in the application. [ChainCatcher]
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