Wu Says Learned, the Hong Kong government stated in a written reply to the Legislative Council that the Hong Kong Monetary Authority will issue stablecoin issuer licenses to two institutions with banking backgrounds in April 2026. According to the existing business plans of the two institutions, Hong Kong's regulated stablecoins are expected to be launched between mid-year and the second half of this year.

The Hong Kong government said the HKMA has sent letters to unregulated entities operating stablecoin issuance businesses in the market to clarify legal requirements and will continue to follow up; if necessary, cases can be referred to the police or the Department of Justice. The government also stated that it will submit a bill to the Legislative Council this year to establish a regulatory framework for virtual asset trading, custody, advisory, and management service providers.