The Hong Kong Monetary Authority has missed a self-imposed end-of-March deadline for awarding the city’s first stablecoin licences. A spokesperson for the regulator confirmed that the authority is actively advancing the licensing process and will announce further details in due course, without providing a revised timetable. No licensed stablecoin issuers appeared on the HKMA’s public register at the time of reporting. The delay marks a notable setback for a jurisdiction that has placed digital asset regulation at the centre of its ambitions to become a global crypto and fintech hub.
The March target had originally been outlined by HKMA chief executive Eddie Yue, who reportedly told lawmakers in February that only a very small number of issuers would receive approval in the initial round. Yue indicated that reviews were concentrating on use cases, risk management, anti-money laundering controls, and the quality of backing assets. The regulator has not publicly confirmed the names of any applicants under consideration.
Earlier reports suggested that global banking institutions HSBC and a venture backed by Standard Chartered were among the frontrunners for approval in the first cohort. The HKMA has not confirmed or denied those reports. The identities of all applicants remain undisclosed as the review process continues.
Hong Kong’s stablecoin framework is considered one of the more stringent regulatory regimes globally. Under the rules, issuers are required to fully back tokens with high-quality liquid reserves and must process redemptions within one business day. Applicants must also maintain a physical presence in Hong Kong and comply with broad Know Your Customer and transaction monitoring requirements. Observers have noted that the strictness of the framework may be contributing to the extended review timeline.
The licensing delay also comes against a backdrop of shifting interest from major technology companies. Ant International and other prominent fintech players had been preparing to seek Hong Kong stablecoin licences as the new regime took shape. However, in October 2025 the Financial Times reported that Ant Group and JD.com had paused their Hong Kong stablecoin plans after regulators on the Chinese mainland, including the People’s Bank of China and the Cyberspace Administration of China, raised concerns about privately controlled digital currencies.
Despite the missed deadline, Hong Kong authorities have signalled that the licensing process remains a priority. The city continues to position stablecoin regulation as a cornerstone of its broader strategy to attract crypto and fintech investment. Further announcements from the HKMA are expected once the review of the initial applicant cohort is complete.
Originally reported by CoinTelegraph.
