Competition for Stablecoin licensing in Hong Kong is intensifying, with many companies preparing to apply it ahead of the new regulatory framework.
According to a recent report by Local Media Outlet First Financial, more than 40 companies are preparing to apply for the upcoming Hong Kong Stablecoin license.
Applicants reportedly include JD.com and Ant Capital, with high expectations that the August 1 rollout date will approach after months of regulatory work to finalize the framework amid growing market interest.
However, local industry sources say the number of licenses issued by regulators is expected to be potentially limited by single digits despite high levels of demand.
“Hong Kong’s Stablecoin licenses are still relatively small. More than 40 companies have submitted applications, and law firms report that there are many companies they are planning to apply to. The competition is very fierce,” one expert said.
The comments suggest a cautious approach by regulators to continue to manage the sector to ensure surveillance and investor protection. Earlier this year, the Hong Kong Monetary Authority (HKMA) outlined a set of strict requirements for approval, including robust risk management, compliance with anti-money laundering rules, and a clear demonstration of stable, ridiculous use cases issued.
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Treasury Secretary Paul Chan said the government is taking a step-by-step approach to the Stubcoin administration, starting with building a regulatory foundation and initially focusing on Fiat Page tokens.
Chang also explained that the broader goal is to position Hong Kong as a competitive global hub by attracting stubcoin issuers around the world.
The country’s push is part of a broader overhaul of digital asset policy. On June 26th, regulators introduced a new “LEAP” framework. This framework officially implements the Stablecoin licensing system. Additionally, it sets the stage for future pilot programs that test stable scenarios in everyday scenarios such as payments and other financial services.
As part of the initiative, the government will promote collaboration between public institutions and industry players to help build the infrastructure underlying FIAT-backed digital assets.
read more: Hong Kong accelerates Stablecoin licenses to take advantage of the global market boom
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