The Hong Kong Monetary Authority (HKMA) has received 36 applications for stablecoin licenses in its first round of submissions. According to Odaily, the HKMA is currently assessing these applications with the aim of issuing the first batch of licenses by March.
HKMA Chief Executive Eddie Yue stated that regulatory authorities have requested additional information for some applications. The initial submissions primarily contained basic information required for licensing. Further verification is needed on specific application scenarios, risk management arrangements, and the composition of reserve assets. The HKMA aims to complete the licensing process by March, provided all necessary information is available. However, Yue emphasized that the number of licenses issued in the first batch will be limited, with a focus on a cautious and prudent approach.