The Hong Kong Monetary Authority (HKMA) plans to issue the first batch of Stablecoin Licenses in March.

BlockBeats News, February 2nd, Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue stated that the authority has received stablecoin license applications from 36 institutions and plans to issue the first batch of licenses in March. The Hong Kong "Stablecoin Regulation" officially took effect on August 1st last year, establishing a licensing system for fiat-backed stablecoin issuers.

Eddie Yue pointed out that the HKMA is actively reviewing these applications and has requested additional information from some applicants, including details of specific use cases, risk management measures, and reserve asset composition, among other key elements. The number of institutions receiving the first batch of licenses will be "definitely not many." The HKMA will adhere to the principles of prudence and cautiousness, enhance the regulatory framework for virtual asset activities, and promote financial innovation while maintaining financial stability.