Hong Kong Monetary Authority: A total of 77 institutions have expressed intent to apply for stablecoin licenses, and only a few licenses will be granted in the initial phase

ChainCatcher news, according to Sing Tao Daily, a spokesperson for the Hong Kong Monetary Authority (HKMA) stated that as of August 31, there have been a total of 77 expressions of interest in applying for a stablecoin license. These institutions include banks, technology companies, securities/asset management/investment firms, e-commerce, payment institutions, and startups/web3 companies.

The HKMA will not disclose the list of institutions that have expressed interest or formally submitted applications. The spokesperson emphasized that expressing interest or submitting an application for a stablecoin license, as well as the communication between the HKMA and the relevant institutions, is merely part of the application process and does not constitute approval for any institution, nor does it imply any endorsement of their prospects for obtaining a license. Whether a license is ultimately granted will depend on whether the application meets the licensing conditions.

The spokesperson indicated that it was previously made clear that only a few stablecoin licenses would be issued in the initial phase. The HKMA has been arranging meetings with the institutions that have expressed interest, hoping that the communication during this period will help these institutions seriously assess the necessity and maturity of their stablecoin issuance plans, thereby deciding whether to submit a formal application. The HKMA once again reminds the public to remain vigilant against the promotion of unlicensed stablecoins.