Techub News reports that according to Ta Kung Wen Wei Media, Hong Kong Monetary Authority Chief Executive Eddie Yue stated that the Hong Kong "Stablecoin Ordinance" officially came into effect on August 1 last year. The first round received a total of 36 stablecoin license applications from various institutions. The authority is currently evaluating these applications and hopes to make decisions as soon as possible, aiming to issue the first batch of licenses by March.

Yue also mentioned that additional information has been requested from some applicants. Since most of the initial submissions mainly contained basic information required for licensing, further follow-up questions are needed after review, focusing on key aspects such as specific application scenarios, risk management measures, and the composition of backing reserves. If all required information is collected, the first batch of licenses is expected to be issued by March. The number of licenses in the first batch will be limited and will be issued with a cautious and prudent approach.