Hong Kong Monetary Authority: Stablecoin License "Invitation-Only" Unofficial Term, Institutions Can Proactively Engage in Licensing Matters

BlockBeats News, August 1st. A Hong Kong Monetary Authority (HKMA) official stated that the stablecoin license "by invitation" is not an official term but rather a market interpretation. The term "by invitation" does not fully reflect the HKMA's licensing process, as institutions with the intention and interest to apply can proactively communicate with the HKMA on licensing matters.

One week ago, HKMA Chief Eddie Yue revealed that although it was clearly stated that only a few stablecoin licenses would be issued in the initial stage, dozens of institutions have already proactively approached the HKMA team. The HKMA announcement on July 29th also indicated that institutions interested in applying for the license should contact the HKMA by August 31, 2025, to allow the HKMA to communicate regulatory expectations and provide feedback accordingly. The licensing process will be ongoing, and if individual institutions feel adequately prepared and wish to be considered early, they should submit an application to the HKMA by September 30, 2025, or earlier. For institutions in the initial stage that have not received a license but still intend to apply, the HKMA will maintain appropriate communication with them.

Regarding licensing requirements, the HKMA stated that institutions obtaining a stablecoin issuer license must meet three requirements: compliance (risk control), specificity (use cases), and sustainability (financial conditions). Additionally, the HKMA emphasized that it would not disclose the list of institutions expressing interest or submitting applications.