Hong Kong's first batch of compliant stablecoin licenses delayed implementation; the Monetary Authority responds that they are actively pushing forward.

ZkProver · 2026-04-01T01:04:03+00:00

The first batch of stablecoin licenses in Hong Kong was originally scheduled to be issued in March 2026 but has not been implemented as planned. The Hong Kong Monetary Authority stated that it is actively advancing the licensing process and will announce progress in due course. Currently, HSBC and Standard Chartered are under consideration, with HSBC yet to confirm their application status. The second batch of license applications is also underway, with Futu Securities and OSL Group regarded as strong contenders.

ZkProver

2026-04-01 01:04:03

Abstract generation in progress

ChainCatcher message: Hong Kong’s first batch of issuer licenses was originally expected to be issued in March 2026, but it did not materialize as scheduled. A spokesperson for the Hong Kong Monetary Authority (HKMA) said the HKMA is doing everything it can to push forward the licensing process and will make announcements to the public in due course.

As for who will win Hong Kong’s first batch of stablecoin licenses, the market has generally focused on two Hong Kong dollar note-issuing banks—HSBC Bank and Standard Chartered Bank. HSBC has not publicly disclosed whether it has submitted a stablecoin license application. However, earlier than the middle of January this year, reports in the market indicated that HSBC has a strong chance of obtaining the first batch of licenses. At present, there is no clear official disclosure on why the stablecoin licensing timeline has been delayed compared with prior announcements.

People close to the stablecoin licensing applications revealed that in recent Hong Kong, the HKMA has been in close contact with first-batch potential compliant license applicants. Regarding issuance matters, there are still modification recommendations being put forward. In addition, Hong Kong’s second batch of compliant stablecoin licenses is also under application. Reliable sources said that Futu Securities and OSL Group are strong contenders for the second batch of licenses.

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