Overview

• The Hong Kong Monetary Authority said it received 77 expressions of interest by Aug. 31 for its new stablecoin issuer regime, with formal applications due by Sept. 30.
• Deputy CEO Darryl Chan Wai-man signaled approvals are unlikely until 2025 because of heavy due diligence on technical, reserve and compliance standards.
• Bank of China (Hong Kong) rose 6.7% to HKD 37.58 after local media reported it is preparing a license bid and has formed a task force, while the bank declined to comment.
• Regulators cautioned that expressions of interest do not guarantee approval and warned investors about speculation-driven price swings tied to licensing rumors.
• Interest spans traditional banks, fintechs, Web3 firms and state enterprises, with reported contenders including Standard Chartered, Ant Group, JD.com, PetroChina, Circle and an Animoca Brands venture with Standard Chartered and HKT.