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The Hong Kong Monetary Authority (HKMA), Hong Kong's financial regulator, is preparing to grant its first stablecoin issuer licenses in March, according to a Reuters report.&nbsp;
During a Legislative Council meeting on Monday, HKMA Chief Executive Eddie Yue reportedly <a href="https://www.reuters.com/world/asia-pacific/hkma-issue-first-stablecoin-licenses-march-2026-02-02/" rel="noopener noreferrer nofollow">said</a> the regulator’s review of stablecoin license applications was nearing completion. Yue added that the initial approvals will be limited, with only a “very small number” of licenses expected to be issued in the first batch.&nbsp;
At a subsequent media briefing, the regulator said the assessments were focused on use cases, risk management, anti-money laundering (AML) controls and the quality of backing assets. Licensed issuers are also expected to comply with Hong Kong’s cross-border activity rules.&nbsp;
Cointelegraph reached out to the HKMA for more information, but had not received a response before publication.&nbsp;
<h2 id="hong-kong-goes-from-framework-to-first-approvals">Hong Kong goes from framework to first approvals</h2>
The Stablecoin Ordinance, which took effect in August, requires stablecoin issuers to obtain a license from the HKMA.
On Jan. 21, Hong Kong Finance Secretary Paul Chan indicated that stablecoin licenses were <a href="https://cointelegraph.com/news/hong-kong-same-risk-same-regulation-crypto-wef" rel="noopener noreferrer nofollow">expected to be issued in the first quarter of 2026</a>, in line with the special administrative region’s “same activity, same risk, same regulation” approach to crypto assets.<iframe src="https://www.youtube.com/embed/fdPmjHtQ5aM?start=" sandbox="allow-scripts allow-same-origin allow-popups allow-forms"></iframe>
Yue previously said that many applicants <a href="https://cointelegraph.com/news/hong-kong-stablecoin-guidelines-no-licenses-issued" rel="noopener noreferrer nofollow">lacked operational readiness</a> and credible implementation plans, adding that some didn’t have the technical expertise to be stablecoin issuers.
Related: <a href="https://cointelegraph.com/news/circle-usdc-stablecoin-infrastructure-enterprise-adoption-2026" rel="noopener noreferrer nofollow">Circle targets ‘durable’ infrastructure to drive institutional stablecoin adoption</a>
<h2 id="potential-applicants-and-market-expectations">Potential applicants and market expectations</h2>
The HKMA <a href="https://www.thestandard.com.hk/wealth-and-investment/article/313037/HKMA-receives-36-stablecoin-license-applications-by-September" rel="noopener noreferrer nofollow">said</a> in October that it had received applications from 36 institutions in the first round of stablecoin licensing.
In August, Standard Chartered’s Hong Kong arm and Animoca Brands announced that they <a href="https://cointelegraph.com/news/standard-chartered-animoca-brands-hong-kong-stablecoin-license" rel="noopener noreferrer nofollow">established Anchorpoint Financial Limited in Hong Kong</a> to apply for a local stablecoin issuer license.&nbsp;
On Sept. 8, HSBC and the world’s largest bank by total assets, the Industrial and Commercial Bank of China (ICBC), also <a href="https://cointelegraph.com/news/hsbc-icbc-hong-kong-stablecoin-license" rel="noopener noreferrer nofollow">signaled their intention to apply</a> for a stablecoin license in Hong Kong.&nbsp;
The HKMA has not confirmed any applicants and previously warned that early licensing decisions should not be read as endorsements of specific business models.
In July 2025, the HKMA launched a public registry so users can track which entities are licensed to issue stablecoins in the region. As of Monday, the database remained empty.&nbsp;
Magazine: <a href="https://cointelegraph.com/magazine/hk-approve-stablecoins-q1-hashed-blockchain-asia-express/" rel="noopener noreferrer nofollow">Hong Kong stablecoins in Q1, BitConnect kidnapping arrests: Asia Express</a>

Hong Kong to grant first stablecoin issuer licenses in March: Report

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