Hong Kong Monetary Authority: 36 applications for stablecoin licenses have been received, aiming to issue the first batch of licenses

The President of the Hong Kong Monetary Authority, Eddie Yue, stated that the first round has received stablecoin license applications from 36 institutions, and they are currently continuing the evaluation, aiming to make a decision as soon as possible and issue the first batch of licenses in March.

Eddie Yue pointed out that the regulatory authority has requested additional information for some applications. Since the content submitted in the first round mainly consists of basic information required for licensing, further verification of key elements such as specific application scenarios, risk management arrangements, and the composition of reserve assets will still be necessary. Provided that the information is complete, the Monetary Authority will strive to complete the issuance of the first batch of licenses in March, but emphasized that the number of licenses in the first batch will not be large and will proceed with a principle of prudence and stability.