Hong Kong Monetary Authority: 77 expressions of interest received for stablecoin licenses, only a few licenses will be issued in the initial phase

ChainCatcher News,according to a spokesperson from the Hong Kong Monetary Authority (HKMA), as of August 31, a total of 77 entities have expressed their intention to apply for a stablecoin license to the HKMA. These entities include banks, technology companies, securities/asset management/investment firms, e-commerce, payment institutions, and startups/web3 companies. The HKMA will not disclose the list of entities that have expressed their intention or formally submitted applications. The spokesperson emphasized that expressing intention or submitting an application for a stablecoin license, as well as communication between the HKMA and relevant entities, are merely part of the application process and do not constitute approval of any entity, nor do they imply any endorsement of the likelihood of license approval. Whether a license is ultimately granted will depend on whether the application meets the licensing requirements.
The spokesperson stated that it has been clearly indicated earlier that only a few stablecoin licenses will be issued in the initial phase. The HKMA has been arranging meetings with entities that have expressed their intention, hoping that communication during this period will help these entities seriously assess the necessity and maturity of their stablecoin issuance plans, so as to decide whether to submit a formal application. The HKMA once again reminds the public to remain vigilant against the promotion of unlicensed stablecoins.