Hong Kong misses March target for first stablecoin licenses
The Block
Hong Kong has delayed issuing its first stablecoin licenses, initially expected by the end of March, due to regulatory scrutiny.Summary
Hong Kong regulators have missed their March target for issuing the first batch of stablecoin licenses. The Hong Kong Monetary Authority (HKMA) is still reviewing the 36 applications received, requesting refinements to key areas like reserve asset disclosures and anti-money laundering controls. Initial expectations focused on approvals for major banks like HSBC and Standard Chartered, with a joint venture involving Standard Chartered, Animoca Brands, and HKT also applying. The delay aligns with Hong Kong’s cautious approach to crypto regulation, mirroring the phased rollout of crypto exchange licenses since 2020, and is influenced by past incidents like the JPEX fraud case.
(Source：The Block)