Hong Kong Set to Approve First Stablecoin Licenses in March

Hong Kong is on the verge of issuing its first stablecoin licenses, marking a significant milestone in the city’s digital asset regulatory efforts. The Hong Kong Monetary Authority confirmed that initial approvals could come as early as March.

🚨 JUST IN: HONG KONG MONETARY AUTHORITY SET TO GRANT ITS FIRST STABLECOIN LICENSES IN MARCH, WITH ONLY A SMALL NUMBER TO BE APPROVED INITIALLY. pic.twitter.com/uMqpcpG9e9

— Coinwaft (@coinwaft) February 2, 2026

HKMA chief executive Eddie Yue addressed the Legislative Council on Monday, stating the review process is nearing completion. He emphasized that only a small number of applicants will receive approval in this initial phase.

The regulator is taking a deliberately cautious approach as it opens the door to licensed stablecoin issuance. This licensing push follows the implementation of one of the world’s most comprehensive stablecoin regulatory frameworks in August last year.

Yue outlined that the HKMA is focusing assessments on real-world use cases, reserve backing quality, risk management systems, and anti-money laundering controls. As of early February, no stablecoin issuer has received approval under the new regime.

Strict Requirements Shape Hong Kong’s Licensing Framework

The HKMA confirmed it is reviewing 36 applications in the first round. Industry interest initially peaked at more than 40 potential applicants earlier in the process.

In July, the regulator introduced a public registry to track licensed stablecoin issuers. The registry currently remains empty, reflecting the HKMA’s measured pace. Officials have repeatedly warned that early approvals should not be interpreted as endorsements.

The framework applies to all issuers of fiat-referenced stablecoins operating in Hong Kong. Foreign issuers offering tokens pegged to the Hong Kong dollar must also comply with these requirements.

Licensed firms may issue, administer, and redeem stablecoins under strict conditions. They must maintain full one-to-one reserve backing with high-quality, liquid assets held under trust arrangements with approved custodians.

Issuers must honor redemption requests at par value within one business day. They are prohibited from paying interest to stablecoin holders. Governance standards are central to the framework.

Applicants must be locally incorporated or authorized entities with strong internal controls. Boards must include independent directors responsible for compliance oversight. Customer due diligence and wallet controls are mandatory.

The HKMA retains broad supervisory powers, including authority to impose additional license conditions. The regulator may appoint managers or revoke licenses in cases of non-compliance.

Several high-profile firms have emerged as early participants. Anchorpoint Financial, a joint venture involving Standard Chartered’s Hong Kong arm, Animoca Brands, and HKT, is among them.

We’ve entered into agreements with @StanChart and HKT to establish a joint venture to apply for a license from the @hkmagovhk to issue a Hong Kong dollar-backed stablecoin.

For more information about Hong Kong’s digital asset ecosystem and the initiative to launch a HKD-backed… pic.twitter.com/mAh99bVdfV

— Animoca Brands (@animocabrands) February 17, 2025

Ant Group’s digital technology arm has announced plans to apply for a license. Bank of China Hong Kong has also been named among reported applicants.

Global Jurisdictions Race to Establish Stablecoin Rules

Hong Kong’s licensing progress unfolds alongside similar regulatory developments worldwide. Other major jurisdictions have already begun implementing stablecoin licensing frameworks.

Germany has taken a notable step under the European regulatory framework. In July 2025, financial regulator BaFin approved a euro-backed stablecoin issued by a venture involving Deutsche Bank’s asset manager DWS.

1/ 𝐀𝐥𝐥𝐔𝐧𝐢𝐭𝐲 𝐒𝐞𝐜𝐮𝐫𝐞𝐬 𝐁𝐚𝐅𝐢𝐧 𝐄𝐌𝐈 𝐋𝐢𝐜𝐞𝐧𝐬𝐞 𝐭𝐨 𝐋𝐚𝐮𝐧𝐜𝐡 𝐢𝐭𝐬 𝐌𝐢𝐂𝐀𝐑-𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐭 𝐄𝐮𝐫𝐨 𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧

AllUnity, a joint venture between @DWS_Group, @FlowTraders, and @galaxyhq, has been granted an E-Money Institution (EMI)… pic.twitter.com/TG5U2xYf1c

— AllUnity (@AllUnityStable) July 2, 2025

This approval signaled growing institutional acceptance of regulated digital currencies within the European Union. Meanwhile, Dubai has adopted a controlled but progressive approach to stablecoin regulation.

The Dubai Financial Services Authority has approved a limited set of fully backed stablecoins for use within the Dubai International Financial Centre. These include USDC, EURC, and Ripple’s RLUSD.

In the United States, Wyoming has emerged as a state-level pioneer in stablecoin oversight. The Wyoming Stable Token Act passed in 2023, established the groundwork for state-backed stablecoin regulation.

FRNT is the first fiat-backed & fully-reserved issuance by a public entity in the US – a new & unique entrant to a rapidly growing $300B industry.

Interest from reserves benefits Wyo's school program, positioning it as a public good and opportunity for revenue diversification.

— Wyoming Stable Token Commission (@wyostable) January 7, 2026

In January 2026, the first state-issued stablecoin under this framework was released. This development positioned Wyoming at the forefront of American digital currency innovation.

Hong Kong’s March approvals will place the city among leading jurisdictions shaping the global stablecoin landscape. The HKMA’s rigorous approach could serve as a model for other regulators worldwide.