Hong Kong Monetary Authority: Stablecoin License "By Invitation Only" Is Not an Official Statement, Institutions May Proactively Discuss Licensing Matters

BlockBeats News, August 1 — Representatives from the Hong Kong Monetary Authority (HKMA) stated that the so-called “invitation-only” approach for stablecoin licenses is not an official term, but rather a market interpretation. The term “by invitation” does not fully reflect the HKMA’s licensing model, as in reality, any institution interested in applying is welcome to proactively communicate with the HKMA regarding licensing matters in advance.

A week ago, HKMA Chief Executive Eddie Yue revealed that although it has been made clear that only a few stablecoin licenses will be issued in the initial phase, dozens of institutions have already proactively reached out to the HKMA team. The HKMA’s announcement on July 29 also indicated that institutions interested in applying for a license are encouraged to contact the authority by August 31, 2025, so that regulatory expectations can be communicated and appropriate feedback provided. The licensing process will be ongoing; if an institution believes it is fully prepared and wishes to be considered as early as possible, it should submit its application to the HKMA by September 30, 2025, or earlier. For institutions that do not receive a license in the first phase but wish to continue their application, the HKMA will maintain appropriate communication with them.

Regarding licensing requirements, the HKMA stated that institutions obtaining a stablecoin issuer license must meet three criteria: compliance (risk control), specificity (application scenarios), and sustainability (financial condition). In addition, the authority emphasized that it will not disclose the list of institutions that have expressed interest or submitted applications.