HKMA Reviews 36 Stablecoin Licenses for March Start

Hong Kong Monetary Authority plans to issue the first stablecoin licenses by March, having evaluated 36 applications. Emphasis was placed on applicants providing risk management details and reserve assets within the framework of the Stablecoins Ordinance.

Eddie Yue, Chief Executive of HKMA, announced the evaluation of 36 stablecoin license applications on February 2, 2026, during a Legislative Council meeting in Hong Kong.

HKMA’s upcoming stablecoin licenses mark a significant regulatory move, affecting Hong Kong’s financial landscape. The market anticipates potential stability and growth in the regional crypto sector.

Eddie Yue of HKMA emphasized the agency’s cautiousness in evaluating 36 stablecoin licenses. Applications were submitted by September 2025, following Stablecoins Ordinance implementation in August 2025.

Applicant Insights

Standard Chartered Bank (Hong Kong) is among the notable applicants, having joined HKMA’s stablecoin sandbox earlier. HKMA is expected to grant a limited number of licenses, prioritizing security and risk assessment.

Economic and Financial Implications

Potential economic effects include more robust financial infrastructures as institutions seek regulatory approval. This movement may increase confidence and investment in the local cryptocurrency market.

Financial implications from HKMA’s licensing process may enhance market transparency and innovation. Political responses or regulatory pushback appear minimal at present.

Future Technological Landscape

The regulatory changes from HKMA could shape future technological landscapes. Observers predict increased blockchain adoption among Hong Kong enterprises, supported by rigorous risk management frameworks.