On August 1, Hong Kong Monetary Authority (HKMA) personnel stated that the stablecoin license "by invitation" is not an official statement, but more of a market interpretation. The "by invitation" approach does not fully reflect the HKMA's licensing model, as in fact, institutions with willingness and interest can proactively communicate with the HKMA about licensing matters in advance.
A week ago, HKMA Chief Executive Eddie Yue revealed that although only a few stablecoin licenses will be issued in the initial phase, dozens of institutions have already actively contacted the HKMA team. The HKMA's announcement on July 29 also showed that institutions interested in applying for licenses are encouraged to contact the authority by August 31, 2025, allowing the HKMA to communicate regulatory expectations and provide appropriate feedback. The licensing will be an ongoing process, and if individual institutions believe they are fully prepared and wish to be considered early, they should submit an application to the HKMA by September 30, 2025, or before. For institutions not granted a license in the first phase but still interested in continuing to apply, the HKMA will maintain appropriate communication.
Regarding licensing requirements, the HKMA stated that institutions obtaining a stablecoin issuer license must meet requirements in three aspects: compliance (risk control), specificity (application scenarios), and sustainability (financial situation). Additionally, the authority emphasized that it will not disclose the list of institutions that have expressed interest or submitted applications.
