Hong Kong’s first stablecoin licences failed to materialize by the expected end of March target, with the HKMA saying only that it is still advancing the process.
Hong Kong has missed an earlier end of March target for awarding its first stablecoin licences, with the Hong Kong Monetary Authority saying only that the licensing process is advancing and decisions will be announced shortly.
A spokesperson for the Hong Kong Monetary Authority (HKMA) told Cointelegraph that the HKMA is “actively taking forward the licensing matter and will announce further details in due course,” without offering a revised timetable.
The HKMA’s public register still showed no licensed stablecoin issuers at the time of writing.
The March timetable had been set out earlier by HKMA chief executive Eddie Yue, who reportedly told lawmakers in February that only a very small number of issuers would be approved initially and that reviews were focusing on use cases, risk management, anti-money laundering controls and backing assets.
HKMA misses March stablecoin target
Earlier reports indicated that global banking giants HSBC and a Standard Chartered-backed venture were among the frontrunners to receive approvals in the initial cohort, although the HKMA did not confirm the names of any successful applicants.
Hong Kong’s caution is partly a function of how strict the regime is. Cointelegraph previously reported that the city’s stablecoin framework requires issuers to fully back tokens with high-quality liquid reserves, process redemptions within one business day and maintain a physical presence in Hong Kong, alongside broader Know Your Customer and transaction monitoring controls.
The missed deadline comes as Hong Kong places stablecoin regulation at the heart of its strategy to become a global crypto and fintech hub.
China pressure clouds Hong Kong rollout
Cointelegraph previously reported that major fintech players, including Ant International, were preparing to seek Hong Kong stablecoin licenses as the city rolled out its new regime.
Related: How Hong Kong is turning tokenized bonds into real market infrastructure
In October 2025, the FT reported that Ant Group and JD.com had paused their Hong Kong stablecoin plans after regulators in mainland China, including the People’s Bank of China and the Cyberspace Administration of China, raised concerns about privately controlled digital currencies.
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