The Hong Kong Monetary Authority (HKMA) has yet to issue its first batch of stablecoin licenses, missing an earlier target of March 2026.

In February, Secretary Paul Chan said that Hong Kong will issue its first licenses for fiat-referenced stablecoin issuers in March and introduce new legislation later this year covering crypto asset dealers and custodians.

At the time of writing, the HKMA’s public register did not list any licensed stablecoin issuers.

The HKMA had previously established the Stablecoin Issuer Sandbox for prospective issuers to test operational plans, an initiative that saw participation from major financial institutions.

As previously reported, banking giants HSBC and Standard Chartered have been at the forefront of these discussions, signalling significant institutional interest in the upcoming regime.

According to Caixin, the HKMA is pressing ahead with the licensing process and will make an announcement in due course.

The delay suggests regulators are prioritising stronger risk controls over speed as global authorities continue to assess how best to oversee rapidly expanding, crypto-linked payment instruments.

Featured image credit: Edited by Fintech News Hong Kong, based on image by lifeforstock, rawpixel.com and igorono via Freepik