Hong Kong regulator receives 77 expressions of interest for stablecoin licenses

Hong Kong’s de facto central bank said it had received 77 expressions of interest for stablecoin licenses as of August 31.

They included institutions ranging from banks and technology firms to securities and asset managers, e-commerce and payment companies, as well as startups and Web3 firms, the  Hong Kong Monetary Authority said. 

The regulator said it would not disclose the names of interested parties or formal applicants while reiterating that only a few licenses would be granted initially. 

A spokesperson of the HKMA stressed that submitting an expression of interest or application, or holding talks with the regulator, is only part of the licensing process and does not constitute approval or signal the likelihood of obtaining a license.

The authority added that licenses will ultimately be granted based on whether applicants meet regulatory requirements.