Hong Kong Monetary Authority: Both licensed issuers plan to issue Hong Kong dollar stablecoins first, with expected launches gradually from mid to late this year.

Techub News reports that the Hong Kong Monetary Authority issued a statement titled “Steadily Developing Hong Kong’s Compliant Stablecoin Ecosystem,” saying that Dockpoint Fintech Limited (a company jointly established by Standard Chartered Bank (Hong Kong), Hong Kong Telecom, and Anz Group, hereinafter referred to as Dockpoint) and HSBC, both licensed issuers, plan to issue Hong Kong dollar stablecoins first in the initial phase. Overall, their business plans, application scenarios, and development directions include cross-border payments, local payments, tokenized asset trading, and innovative applications. Before the licensed issuers formally launch their compliant stablecoins, they need to complete relevant preparations, including the technology platform and system testing, implementation of risk-management measures, staffing arrangements, and more. Based on the current business plans of the two institutions, we expect regulated stablecoins in Hong Kong to be gradually rolled out from mid-year to the second half of this year.

After stablecoins are officially launched to the market, the HKMA will, according to each licensed party’s business and risk nature, conduct ongoing and effective supervision through measures such as on-site inspections, off-site reviews, independent assessments, and meetings with the management of the licensed party, to ensure that the issuers comply with relevant regulatory requirements. We will also review the implementation effectiveness and the preparation status for expanding business according to the business plans they submitted at the time of their application, to ensure that the policy objectives of issuing stablecoin licenses in Hong Kong are reflected. As for institutions that did not receive licenses in the first batch of applications, or other institutions that may apply in the future, the HKMA will maintain communication and dialogue with them and review those applications in accordance with the relevant laws and unified regulatory standards and requirements. Regarding future license issuances and timing, we adopt an open and cautious attitude, and at this stage there is no clear inclination.