Starting from August 1, 2025, the Hong Kong Monetary Authority will open applications for stablecoin issuance licenses, marking a new phase of official implementation for stablecoin development in the Hong Kong region.
This policy has been in the works for a long time. Over the past year, the Hong Kong Monetary Authority has promoted sandbox testing for stablecoin application scenarios and gradually clarified regulatory standards and application pathways. Now, participating institutions will move from testing to formal issuance and circulation under the regulatory system.
According to incomplete statistics, dozens of institutions have indicated they will apply for stablecoin licenses. Meanwhile, more local banks, tech companies, and Web3 teams are preparing further work around clearing systems, custody mechanisms, and payment interfaces.
This article will continue to track the latest news about stablecoins in Hong Kong for industry professionals to reference.
Hong Kong Stablecoin Regulatory Progress
...Previously, Zheng Zhengyu has also discussed the possibility of a "RMB stablecoin". He pointed out that there is no legal prohibition on anchoring to the RMB, but if it involves exchange rate management and macroeconomic policies, communication and coordination with relevant mainland institutions would be necessary. "Hong Kong has legal space, but if it is to be done, the country's exchange rate and monetary policies must be considered."
Chen Maobo has also noted in his ministerial notes that allowing the use of different legal currencies as anchor assets would help attract more international institutions to choose to issue stablecoins in Hong Kong based on their actual application scenarios.
V. Cautionary Reminders to Investors and the Public
While promoting institutional construction, multiple policy makers have also issued calm reminders about market enthusiasm.
Legislative Council member Wu Jiezhuang stated that Hong Kong has broad space to develop stablecoins, and will become a landing experimental field for the integration of finance and the real economy in the future. However, he specially reminded that when facing emerging asset classes, retail investors should remain vigilant, not follow blindly, and fully understand product risks.
The Hong Kong Monetary Authority has also issued an announcement, warning the public to be cautious of unauthorized stablecoin projects or individuals claiming to be "licensed" or "applying for a license", emphasizing that the public will bear the risks of holding unlicensed stablecoins.
How Does the Market View Hong Kong's Stablecoin Regulation?
With the Hong Kong Stablecoin Ordinance about to be implemented, the market has been engaged in intensive discussions around licensing pace, scenario paths, and the possibility of RMB anchoring. Voices from securities firms, fund companies, foreign investment banks, and media are gradually revealing the market's structural expectations and potential impacts of this regulatory system.
[The translation continues in this manner, maintaining the original structure and translating all text outside of the XML tags.]On July 15, it was announced that the company intends to apply for a stablecoin license in Hong Kong, with funds to be sourced from share placement and cash reserves.
· Tiansheng Capital
On July 11, it announced plans to establish a digital asset trading and settlement company, applying for a stablecoin license. The plan is to use stablecoins for art trading and settlement services, focusing on cross-border trade settlement.
· Duodian Digital Intelligence
On July 3, it announced that it is preparing to apply for a stablecoin license in Hong Kong.
· Animoca Brands + Standard Chartered Bank (Hong Kong) + Hong Kong Telecommunications
They have repeatedly stated that they will jointly establish a joint venture, apply for a license, and issue a Hong Kong dollar stablecoin. The stablecoin will be used in scenarios such as virtual asset trading in games, cross-border trade, and financial settlement.
· JD.com
Information on its official website indicates that it will issue a stablecoin pegged 1:1 to the Hong Kong dollar in Hong Kong. The issuing entity is JD Coin Chain Technology (Hong Kong), and it has been selected as a participant in the monetary authority's stablecoin "sandbox".
· Ant International
According to informed sources in June, the company will immediately apply for an issuer license in Hong Kong after the Stablecoin Ordinance takes effect, and also plans to seek permits in Singapore and Luxembourg.
· Lianlian Digital
According to informed sources, Lianlian Digital is actively exploring stablecoin license applications in Hong Kong and Singapore. Its subsidiary, DFX Labs, already holds a virtual asset trading platform license issued by the Hong Kong Securities and Futures Commission.
IV. Enterprises Researching, Monitoring, or Laying Out Related Businesses
· Ping An Insurance
On July 21, it responded on an interactive platform that it has noted the changes in Hong Kong's stablecoin regulation, maintaining high attention and actively researching.
· Sanwu Information Security
On June 30, it stated that the company has participated in virtual currency and stablecoin-related businesses in the Hong Kong region, and as a cryptographic infrastructure provider, will provide security guarantees for related projects.
V. Clarification Matters
· Octopus Company
It was rumored to be participating in a stablecoin accelerator project. The company subsequently clarified that it only participated in an exploratory plan led by Brinc in an "advisory capacity", with the nature being conceptual research, not stablecoin product development or formal cooperation.
