Hong Kong is preparing to roll out its first official stablecoin issuer licenses in March 2026, marking a major step in the city’s push to become a regulated digital asset hub.
Key Takeaways
- Hong Kong will issue its first stablecoin issuer licenses in March 2026.
- Only a limited number of applicants will be approved in the initial round.
- Stablecoins must be fully backed, redeemable at par, and issued by locally incorporated entities.
- The HKMA is leading oversight, separate from the SFC’s trading supervision.
- The move supports Hong Kong’s broader ambition to become a global Web3 hub.
The timeline was confirmed by Financial Secretary Paul Chan Mo-po during the 2026-27 Budget speech and reiterated by Chief Executive John Lee at the Consensus Hong Kong 2026 summit.
The upcoming approvals will focus specifically on issuers of fiat-referenced stablecoins, signaling that authorities are prioritizing payment-linked tokens rather than algorithmic or unbacked models.
Licenses to be limited in first phase
According to officials, only a small number of applicants will be approved in this initial batch. The Hong Kong Monetary Authority (HKMA) has received 36 applications and is currently finalizing its review process.
While the Securities and Futures Commission (SFC) supervises virtual asset trading platforms, stablecoin issuance falls primarily under the HKMA’s authority. This division of responsibilities reflects Hong Kong’s effort to create a structured and specialized oversight framework.
Strict compliance standards
To qualify for approval under the Stablecoins Ordinance, which came into force in August 2025, applicants must meet several stringent requirements.
Stablecoins must be fully backed by at least 100 percent in reserve assets, limited to cash or high-quality liquid instruments. Issuers are required to maintain a minimum paid-up capital of HK$25 million, roughly $3.2 million, and guarantee that users can redeem tokens at par value, typically within one business day.
Companies must also be incorporated locally and maintain a physical management presence in Hong Kong, reinforcing the government’s preference for substance over offshore structures.
Sandbox participants in focus
Although the final recipients have not yet been disclosed, several firms previously participated in the HKMA’s regulatory sandbox. Among them were Standard Chartered Bank, working alongside Animoca Brands and HKT.
Other participants included JINGDONG Coinlink, a subsidiary of JD.com, and RD InnoTech Limited. Their sandbox involvement allowed regulators to test operational models before moving toward full licensing.
Web3 ambitions for 2026
The stablecoin framework forms part of a broader Web3 strategy aimed at strengthening Hong Kong’s position as a global digital asset center. Authorities have indicated that licensed tokens could be integrated into payments and settlement systems, targeting practical economic use cases rather than speculative trading alone.
Licensed stablecoins are also expected to receive preferential treatment from local exchanges, effectively creating a regulatory “whitelist” for domestic settlement activity.
Later in 2026, the government plans to introduce additional legislation covering digital asset dealers and custodians, closing remaining regulatory gaps and expanding oversight across the broader ecosystem.
With the first licenses just weeks away, March 2026 could mark a defining moment for Hong Kong’s regulated stablecoin market.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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Source: https://coindoo.com/hong-kong-to-launch-first-stablecoin-licenses-in-march-2026/
