Hong Kong Prepares Landmark Stablecoin Licensing Rollout This March
Hong Kong is preparing to take a major step in its crypto journey, with the first batch of stablecoin licenses expected to be issued as early as next month. Chief Executive John Lee announced the timeline during his keynote address at Consensus Hong Kong 2026, highlighting the city’s growing push to position itself as a global crypto hub.
The city sees stable tokens as an integral part of the future financial system. Lee stated that Hong Kong remains strongly committed to supporting innovation in digital assets and is actively working to promote the development of Web3.
Hong Kong to Issue First Stablecoin Licenses in March
According to the latest Hong Kong crypto news, the central bank is moving forward with plans to release its first set of stablecoin licenses in March. The Monetary Authority’s Chief Executive Eddie Yue stated that the team has been reviewing an initial set of 36 stablecoin issuer applications, adding, “We hope that by March we will be able to make a decision.”
This strategic decision comes despite mainland China’s restrictive approach to cryptocurrency. However, experts say that the move doesn’t indicate a shift in China’s stance, but rather a cautious step by Hong Kong to stay competitive in the digital asset space.
Significantly, Yue’s statement comes after reports suggested that China had slowed Hong Kong’s plans to allow stablecoin issuance. The city previously approved its Stablecoin Ordinance in May, making it mandatory for companies to get a license if they want to issue stable tokens in the city or create ones tied to the Hong Kong dollar. The law came into effect in August, and the Hong Kong Monetary Authority soon started accepting applications.
This comes on the heels of Hong Kong’s RWA initiatives last year. As CoinNewsSpan reported, Hong Kong launched the RWA Registration Platform to support the digitalized use of traditional assets.
Strengthening City’s Web3 Vision
According to Hong Kong leaders, the city is fully committed to becoming a global centre for cryptocurrencies. They are also steadily supporting the city’s vision of expanding its Web3 space. John Lee stated that several major initiatives are already moving forward, including the Stablecoin Ordinance rollout last August. He noted, “I’m pleased that a lot of our initiatives in the area are in good progress. One key initiative is our implementation of the Stablecoins Ordinance last August.” Lee added,
“The Hong Kong Monetary Authority is actively processing licensing applications, and we believe the first batch of stablecoin issuer licences will be issued within next month…Hong Kong is in a strong position in promoting Web3 development. Hong Kong will continue to go all out to stay at the forefront of this pivotal shift in finance and technology.”
Under the new rules, any company that issues stablecoins in Hong Kong, or creates Hong Kong dollar-backed stablecoins anywhere, must first get approval from the HKMA.
As noted by Financial Secretary Paul Chan, the interest in stablecoins is rapidly growing across Hong Kong. Banks are now holding more than HK$14 billion worth of digital assets in custody. This marks a sharp increase of 180% compared to last year.
