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Regulatory update Score 35 Neutral

Hong Kong Delays First Stablecoin Licenses Beyond March Deadline

Apr 01, 2026 13:28 UTC
BTC-USD, HKDUSD=X, ^HSI
Medium term

Hong Kong missed its March deadline for issuing the first stablecoin licenses, with the Hong Kong Monetary Authority (HKMA) stating the process is ongoing and decisions will be announced soon.

  • Hong Kong missed its March deadline for issuing stablecoin licenses.
  • The HKMA is actively processing applications but has not provided a new timeline.
  • HSBC and a Standard Chartered-backed venture were among the leading candidates for initial approval.
  • Hong Kong’s stablecoin framework requires full asset backing, one-day redemptions, and a physical presence in the city.
  • The delay reflects the challenges of balancing innovation with regulatory oversight.
  • Ant Group and JD.com paused their Hong Kong stablecoin plans in October 2025 due to mainland Chinese regulatory concerns.

Hong Kong’s initial target to issue stablecoin licenses by the end of March has been missed, as the Hong Kong Monetary Authority (HKMA) confirmed the process is still underway. The HKMA did not provide a revised timeline but emphasized that it is actively advancing the licensing matter. The delay follows earlier statements from HKMA chief executive Eddie Yue, who outlined strict criteria for approval, including a focus on use cases, risk management, anti-money laundering controls, and asset backing. At the time of writing, the HKMA’s public register showed no licensed stablecoin issuers. Reports had suggested that global banks like HSBC and a venture backed by Standard Chartered were among the leading candidates for initial approval, though the HKMA has not confirmed any applicants. Hong Kong’s regulatory framework for stablecoins is notably stringent, requiring full backing of tokens with high-quality liquid reserves, one-day redemption processing, and a physical presence in the city. The delay highlights the challenges of balancing innovation with regulatory oversight as Hong Kong aims to position itself as a global crypto and fintech hub. Major fintech firms, including Ant International, have expressed interest in obtaining licenses under the new regime. However, some companies, such as Ant Group and JD.com, reportedly paused their Hong Kong stablecoin plans in October 2025 due to concerns raised by mainland Chinese regulators about privately controlled digital currencies.

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