The post Multiple International Companies Apply for Hong Kong’s Stablecoin Licensing appeared first on Coinpedia Fintech News
The Hong Kong Legislative Council passed the Stablecoin Ordinance on May 21, and it will come into effect on August 1, 2025. Now, the Hong Kong Monetary Authority (HKMA) will begin accepting license applications. However, it has been speculated that the licenses are relatively short, contrary to the growing demand. More than 40 companies are preparing to apply.
Competition for Crypto License in Hong Kong
Institutions from all over the world are welcome to apply for the license, making the process flexible and intensifying the competition. More than 40 companies have submitted their application, on top of a dozen more companies intending to apply.
JD CoinChain: A crypto operating on a decentralized blockchain platform
Standard Chartered: A multinational bank partnering with the Animoca brand and HKT to form a joint venture that will apply for the HKMA license
Circle Innovation Technology Co.: A non-profit facilitator of technology solutions and innovation, is also applying for a stablecoin license in Hong Kong.
Ant International: A global digital payment provider, is also planning to apply for stablecoins to strengthen blockchain operations and cross-border payment services.
Hong Kong Monetary Authority Open for License Application
The Hong Kong Monetary Authority (HKMA) will start accepting stablecoin licenses from August 1, allowing investors to buy and sell virtual assets on a licensed virtual asset trading platform. The move aims to regulate fiat-referenced stablecoins and promote digital asset activities in the nation.
“The passage of the Stablecoins Ordinance is a pivotal step. From 1 August 2025, all issuers of fiat-referenced stablecoins must be licensed by the HKMA and meet rigorous reserve, redemption, and AML standards.”
— Hong Kong Monetary Authority (HKMA)
Uplifting Hong Kong’s Digital Asset Market Standard
The HKMA has set a bunch of compulsory requirements for stablecoin licenses, including—
A minimum paid-up share capital of at least HKD 25 million
incorporation of a physical office in Hong Kong
Risk and reporting management compliance
Transparency and Security
These are some of the measures mandatory for the applicant to follow. As the competition is growing for digital assets, Hong Kong is uplifting its standards while potentially positioning itself as a global crypto hub. Looking at these new regulations, it appears that Hong Kong is aligning its standards with global agencies.