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Paul Chan: Only a single-digit number of stablecoin licenses will be approved initially.

MetaEraJul 30, 2025
On July 30 (UTC+8), Hong Kong Special Administrative Region Financial Secretary Paul Chan Mo-po recently stated in a written interview with Bauhinia Magazine that stablecoins face anti-money laundering challenges due to their anonymous use and other characteristics. He believes that potential stablecoin issuers should have sufficient supporting facilities, key capabilities, and experience, such as reserve asset management and asset security, effective price stabilization mechanisms, comprehensive and feasible redemption policies, and capabilities in technology security, risk management, and anti-money laundering. Currently, dozens of institutions have proactively contacted the Hong Kong Monetary Authority, the licensing authority, with some explicitly expressing their intention to apply for a stablecoin license, while others are taking a preliminary exploratory approach. As the market speculates about who will become the first batch of stablecoin issuers, Chan Mo-po pointed out in the interview that "the government has set a very high threshold for licensing and plans to issue only a few licenses in the initial stage," mainly considering "the risks involved in the issuer's business, the protection of users, and the market's carrying capacity and long-term development." [MetaEra]
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Paul Chan: Only a single-digit number of stablecoin licenses will be approved initially.

MetaEraJul 30, 2025
On July 30 (UTC+8), Hong Kong Special Administrative Region Financial Secretary Paul Chan Mo-po recently stated in a written interview with Bauhinia Magazine that stablecoins face anti-money laundering challenges due to their anonymous use and other characteristics. He believes that potential stablecoin issuers should have sufficient supporting facilities, key capabilities, and experience, such as reserve asset management and asset security, effective price stabilization mechanisms, comprehensive and feasible redemption policies, and capabilities in technology security, risk management, and anti-money laundering. Currently, dozens of institutions have proactively contacted the Hong Kong Monetary Authority, the licensing authority, with some explicitly expressing their intention to apply for a stablecoin license, while others are taking a preliminary exploratory approach. As the market speculates about who will become the first batch of stablecoin issuers, Chan Mo-po pointed out in the interview that "the government has set a very high threshold for licensing and plans to issue only a few licenses in the initial stage," mainly considering "the risks involved in the issuer's business, the protection of users, and the market's carrying capacity and long-term development." [MetaEra]
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