On December 19, Xu Zhengyu, the Secretary for Financial Services and the Treasury in Hong Kong, disclosed that as of the end of September this year, Hong Kong had garnered 36 applications for stablecoin licenses. It is anticipated that some of these licenses will be granted early next year.

During the approval process, priority will be given to assessing the soundness of reserve management, the maintenance of price stability, and the effectiveness of anti-money laundering measures. Xu Zhengyu emphasized that these measures serve a dual purpose. Not only do they safeguard investors, but they also aid in resolving potential disputes. This is achieved by establishing a well-defined compliance framework, which in turn reduces transactional conflicts.

The Hong Kong Stablecoin Ordinance took effect in August of this year. In October, a spokesperson for the Hong Kong Monetary Authority stated that applications would undergo a rigorous review process, strictly adhering to the Stablecoin Ordinance and relevant regulatory stipulations. Given the relatively high threshold for license applications, only a limited number of licenses are planned to be issued during the initial phase.