Hong Kong will start granting stablecoin licenses in March.

Hong Kong's New Era with Stablecoin Licenses

Hong Kong's monetary authority plans to issue the city's first stablecoin issuer licenses in March. However, only a few applications are expected to be approved initially.

Hong Kong Monetary Authority (HKMA) Chief Eddie Yue reported that the licensing review process is nearly complete. During this process, priority will be given to risk management, anti-money laundering controls, and the quality of supporting assets.

Stablecoins currently constitute an asset class worth approximately 300 billion dollars. Global banks predict that these assets will play a significant role in digital trade settlements in the future. Stablecoins are expected to reach trillions of dollars.