HKMA Emphasizes Strict Vetting of 77 Stablecoin Applicants

Hong Kong’s push to regulate stablecoins has drawn an avalanche of interest, with 77 different firms putting their names forward by the end of August. But regulators have been quick to stress that not every applicant will make the cut.

Good to Know

• HKMA confirmed 77 expressions of interest by the August 31 deadline.
• Applicants include banks, payment firms, asset managers, Web3 startups, and state-backed giants.
• First licenses are not expected until 2025 due to heavy review requirements.

The Hong Kong Monetary Authority (HKMA) is preparing a licensing framework that could reshape digital payments, but officials are keeping the process deliberately cautious. “An expression of interest is merely a first step, far from a guarantee of approval,” the regulator stated, clamping down on speculation about who might win approval.

While the HKMA has kept the official list under wraps, prior reporting suggests that interest spans a wide spectrum. Standard Chartered and Ant Group are among the global players believed to be involved, while PetroChina has openly acknowledged exploring stablecoin use for cross-border settlements. The mix of crypto startups, payment processors, banks, and even energy companies highlights how high the stakes are for control of future digital finance infrastructure.

The Stablecoin Ordinance, which took effect on August 1, created the legal foundation for this new system. Still, approvals are expected to take time. Deputy CEO Darryl Chan Wai-man explained that the process carries a “heavy workload” because of the need to carefully vet every detail of the applications. The HKMA has said that no approvals are likely until 2025.

Behind the scenes, officials are evaluating applications against strict standards. Licenses will go only to firms that can prove not just technical expertise, but also strong reserve backing, top-tier anti-money laundering controls, and reliable operations. The goal is to prevent instability and ensure that Hong Kong’s first licensed issuers can withstand global scrutiny.