Hong Kong’s stablecoin issuer regime has been in effect since 1 August 2025, and the first approvals are now expected to follow in early 2026.
Financial Secretary Paul Chan said in Davos that the city aims to grant an initial batch of stablecoin licences in the first quarter of 2026, Decrypt reported.
The framework places the Hong Kong Monetary Authority (HKMA) in charge of licensing and sets out requirements covering backing assets, redemption mechanisms, safeguards for customer funds, and financial crime controls.
Regulators have not named the companies likely to receive approval.
However, local media previously reported that 36 institutions had submitted formal applications by 30 September 2025.
One of the publicly known applicants is a joint venture involving Standard Chartered, Animoca Brands, and HKT, which has stated its intention to issue a Hong Kong-regulated stablecoin.
Decrypt also reported that Ant Group’s Alipay and JD.com had taken part in earlier sandbox discussions but later paused their licensing efforts following reported guidance from mainland Chinese authorities.
Chan’s appearance at the World Economic Forum formed part of Hong Kong’s broader effort to position itself as a global hub for digital assets and financial innovation.
He characterised the city’s regulatory stance as proactive but cautious, arguing that digital assets could improve efficiency, transparency, and financial inclusion while supporting real economic activity.
Featured image: Edited by Fintech News Hong Kong, based on image by lifeforstock via Freepik
