HKMA Cracks Down Despite 77 Institutions Eyeing Approval
Despite the desire already expressed by 77 institutions, the Hong Kong Monetary Authority (HKMA) announced early Monday that it will only approve a small number of licenses in its stablecoin rollout. The list includes banks, e-commerce platforms, tech companies, Web3 startups, payment providers, and asset managers, according to local media reports. It’s a full-fledged stampede.
Only a Handful of Stablecoin Licenses Up for Grabs
The largest bank in the world by assets, the Industrial and Commercial Bank of China (ICBC), is one of the most well-known companies vying for this license. ICBC (Asia), its Hong Kong subsidiary, is submitting the application. That puts it behind Bank of China (Hong Kong) as the second-best Chinese bank to intervene. Also, the largest bank in Hong Kong, HSBC, has not yet filed, but it is in the process of doing so. Lawmakers support the stringent stance taken by HKMA. A member of Hong Kong’s Legislative Council named Ng Kit-chong claims that the new regulations are strict by purpose.
The number of licenses to be issued will be very small,
Kit-chong
HKMA Warns: Applying for a Stablecoin License Doesn’t Guarantee Approval
If candidates are serious, HKMA has instructed them to submit complete applications by the end of September. However, it cautioned everyone that expressing interest or even submitting a complete application does not guarantee acceptance. Participation is not rewarded with awards. Additionally, because unregistered stablecoins are not recognized by law, the public has been warned not to believe any advertisements or promotions involving them.
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