Overview
- The regulator said application reviews are nearing completion following months of scrutiny under the new regime.
- Assessments focus on defensible use cases, robust operational and financial risk management, AML safeguards, and credible reserve models.
- The Stablecoins Ordinance, in force since Aug. 1, 2025, makes fiat-referenced issuance a licensed activity with full-reserve backing and par redemption requirements.
- Licensed issuers must follow Hong Kong rules for cross-border activity, and the HKMA may explore mutual recognition with other jurisdictions over time.
- Analysts expect a concentrated early market as banks and payment partners integrate with the small approved cohort, with reports citing broad interest but uneven readiness among applicants.