Hong Kong Treasury Secretary: Stablecoin License Applications Open to Global Institutions, Submissions Must Reflect Actual Business from August 1

According to a report by Jinse Finance, Christopher Hui, Secretary for Financial Services and the Treasury of Hong Kong, responded to five questions in the Legislative Council yesterday regarding the promotion of stablecoin development. He stated that the Hong Kong Monetary Authority (HKMA) will officially begin accepting license applications on August 1. Currently, the HKMA is conducting market consultations on the implementation guidelines for the ordinance, aiming to establish the guidelines as soon as possible. Hong Kong’s licensing regime for stablecoin issuers is both flexible and open, allowing licensed issuers to choose different fiat currencies as the anchor for their stablecoins. Institutions from around the world are welcome to apply for licenses based on their actual business needs, and all applications will be reviewed according to unified standards, such as whether the issuer meets regulatory requirements for reserve asset management, stabilization mechanisms, redemption arrangements, and internal control measures. The government and financial regulators will closely monitor regulatory developments in different regions and maintain communication with regulatory authorities worldwide.