The Hong Kong "Stablecoin Regulation" officially comes into effect today, opening the first round of applications for stablecoin issuer licenses.

On August 1, the Hong Kong "Stablecoin Regulation" officially came into effect today, and the Hong Kong Monetary Authority has opened applications for stablecoin issuance licenses, marking a new phase in the development of stablecoins in Hong Kong. Over the past year, the Hong Kong Monetary Authority has promoted sandbox testing for stablecoin application scenarios and gradually clarified regulatory standards and application pathways. Now, participating institutions will transition from testing to the issuance and circulation of coins under a formal regulatory system. According to incomplete statistics, dozens of institutions have indicated that they will apply for stablecoin licenses, including JD Coin Chain Technology (Hong Kong) Co., Ltd., Yuan Coin Innovation Technology Co., Ltd., Standard Chartered Bank (Hong Kong) Limited, Anxi Group Limited, Hong Kong Telecommunications (HKT) Limited, and others. Meanwhile, more local banks, technology companies, and Web3 teams are making further preparations around clearing systems, custodial mechanisms, and payment interfaces. The Hong Kong Monetary Authority will accept the first round of stablecoin issuer license applications from August 1 to September 30, 2025. The Vice President of the Monetary Authority, Chen Weimin, stated that licenses can be applied for stablecoins pegged to a single fiat or to a basket of fiats, but applicants must clearly specify the type of coin when applying. Chen Weimin also emphasized that the threshold for obtaining a license is very high, and the first license is expected to be issued early next year.