Delay in Issuance of First Compliant Stablecoin Licenses in Hong Kong, Says HKMA: Efforts Underway

On April 1, following the enactment of the Hong Kong Stablecoin Ordinance on August 1, 2025, the first batch of issuer licenses was originally scheduled to be issued in March 2026, but this has not occurred as planned. A spokesperson for the Hong Kong Monetary Authority (HKMA) told Caixin that the HKMA is making every effort to advance the licensing process and will announce updates in due course. In early February, HKMA Chief Executive Eddie Yue stated that they aim to issue the first batch of stablecoin issuer licenses in Hong Kong by March 2026. At that time, the HKMA was evaluating stablecoin license applications and collecting further necessary application materials from applicants. On February 25, Hong Kong's Financial Secretary Paul Chan explicitly mentioned in the 2026/27 Fiscal Budget that the first batch of compliant stablecoin issuer licenses would be issued in March; meanwhile, the Hong Kong government and financial regulatory agencies will continue to promote licensed issuers to explore more application scenarios under compliance and manageable risk.