Hong Kong Monetary Authority targets March 2026 to issue first stablecoin licenses from 36 applications received

Hong Kong targets March for first licenses

Hong Kong Monetary Authority (HKMA) expects to issue the first batch of stablecoin licenses by March 2026. Chief Executive Eddie Yue stated this timeline at a Legislative Council meeting on 02 February 2026. The regulator received applications from entities seeking to issue fiat-referenced stablecoins under the new licensing framework. Stablecoins are digital tokens designed to maintain stable value by pegging to traditional currencies like the US dollar or Hong Kong dollar.

"Only a very small number of licenses will be granted in the initial round, underscoring prudence and financial stability", 02 February 2026. — Eddie Yue Wai-man, Chief Executive, Hong Kong Monetary Authority

Regulator received 36 applications in first round

HKMA received 36 applications for stablecoin licenses during the initial application period. Eddie Yue disclosed this figure at the Legislative Council session. The regulator is conducting detailed assessments of each application. HKMA evaluates applicants based on multiple criteria including business plans, risk management systems, and financial stability.

"The HKMA has received 36 applications for stablecoin licenses in the first round and is currently conducting detailed assessments", 02 February 2026. — Eddie Yue Wai-man, Chief Executive, Hong Kong Monetary Authority

Limited initial approvals emphasize regulatory caution

HKMA will grant only a very small number of licenses in the first round despite receiving 36 applications. This approach emphasizes prudence and financial stability in Hong Kong's stablecoin regulatory framework. The limited initial approvals allow the regulator to monitor early licensees closely before expanding the program.

Assessment covers use cases and risk controls

HKMA requested additional information from some applicants during the assessment process. The regulator evaluates specific use cases for proposed stablecoins, risk management measures, and anti-money laundering (AML) compliance systems. HKMA also examines the composition of reserve assets that applicants plan to hold backing their stablecoins. These reserve assets ensure stablecoins maintain their pegged value to fiat currencies.