Some of the links on this site may be affiliate links. ICOBench may receive advertising commissions when users visit recommended platforms via our affiliate links, at no additional cost to you. All recommendations are based on a comprehensive review process. 
Hong Kong’s newly enacted Stablecoin Ordinance is already drawing strong interest from global finance and tech giants, with 77 firms signalling plans to apply for licenses. But regulators warn approvals will be limited in the first phase.
🪙 HKMA’s Stablecoin Regime Attracts 77 Inquiries, #Limited Early Licenses Raise Stakes
Hong Kong’s HKMA begins meetings with 77 potential stablecoin licence applicants, setting a possible regional precedent in regulatory design. #crypto pic.twitter.com/4HpjSbvnDh
— CryptOpus (@ImCryptOpus) September 1, 2025
The Hong Kong Monetary Authority (HKMA) revealed that by the end of August, it had received expressions of interest from 77 institutions, spanning banks, tech companies, investment firms, e-commerce platforms, payment providers, and Web3 startups.
While the number underscores strong industry enthusiasm, the HKMA stressed that initial approvals will be limited, and expressing intent does not equate to regulatory endorsement. Applicants will still need to meet strict compliance and risk management standards.
Early Meetings, But No Guarantees
Some institutions have already held preliminary discussions with the HKMA to evaluate the maturity of their stablecoin plans before submitting formal applications. Regulators also cautioned investors to remain vigilant against unauthorized stablecoin promotions.
Applications will be accepted on a rolling basis, with firms encouraged to file formally before September 30 if they wish to be considered in the early review round.
Bank of China Hong Kong Shows Interest
The ordinance has already impacted markets. Bank of China Hong Kong (BOCHK, 2388.HK) saw its stock surge over 7% to an all-time high of HK$38.2 on speculation that it is preparing to apply for a stablecoin license, before closing at HK$37.58. Shares later gave back some gains, trading at HK$37.06, down 1.38%.
🚨 BREAKING 🚨
🇨🇳 Bank of China (Hong Kong) surged over 7% today after announcing plans to apply for a stablecoin issuer license.
POWER OF #RWA 🔥 pic.twitter.com/FSN4gNDegB
— Real World Asset Watchlist (@RWAwatchlist_) September 1, 2025
Industry insiders suggest BOCHK could play a pivotal role if approved, particularly in developing a stablecoin pegged to the offshore Chinese yuan, potentially accelerating the internationalization of the Chinese yuan.
Though BOCHK has not publicly confirmed the reports, its latest financial filings highlighted ongoing research into digital assets, digital currency applications, and risk frameworks to support Hong Kong’s fintech and virtual asset ecosystem.
A New Era for Hong Kong’s Virtual Asset Push
Hong Kong’s stablecoin framework, effective since August 1, reflects the city’s ambition to become a global hub for regulated digital assets. With heavyweight applicants and cautious but progressive oversight, the territory is positioning itself as a testbed for the future of tokenized finance.
