Eddie Yue, chief executive of the HKMA, confirmed Hong Kong will grant crypto licenses in March 2026. Officials say the move aims to regulate stablecoins and protect financial stability despite Beijing’s continuing cryptocurrency ban.
The authority has received 36 applications from firms including Standard Chartered, Animoca Brands and Ant Group (Ed. note: This 36-application total signals strong institutional interest.). “Only a very small number of licenses will be granted in the initial round, underscoring prudence and financial stability.”
Hong Kong enacted a Stablecoins Ordinance and began enforcing the framework this past year. “The HKMA has received 36 applications for stablecoin licenses in the first round and is currently conducting detailed assessments.”
The licensing effort unfolds amid accelerated BRICS de-dollarization and shifting global trade patterns. Monique Taylor warned that “Stablecoins challenge [Beijing’s] state control over money, payments and capital flows, and therefore sit uneasily with China’s state-centered model of monetary governance, which prioritizes oversight and domestic financial stability.”
Beijing has expressed particular concern about dollar-backed stablecoins strengthening dollar dominance. “We are not refusing, not fighting the dollar, but if they don’t let us work with it, what can we do? We then have to look for other alternatives, which is happening.”
Financial Secretary Paul Chan described the approach as responsible and sustainable. Regulators worldwide will watch Hong Kong’s March approvals as a potential precedent for regulated digital assets.
