The monetary control of Hong Kong (HKMA) announced that it would tighten the consideration of applications from companies who want to launch stablecoins, and give out licenses only a few issuers ready to comply with strict regulatory requirements.

The financial regulator warned that the rules for the selection of applicants for obtaining permission would be rigid – in 2025 the department would issue a very small number of licenses, and may completely limit himself to only one. HKMA called on interested companies to submit applications indicating complete information until the end of September. At the same time, the department warned that the application does not guarantee the approval of the regulator, since HKMA does not give out awards for participation.

The License is claimed by the industrial and commercial bank of China (ICBC), one of the largest in the world in terms of assets-he submitted an application through his Hong Kong unit ICBC Asia. Bank of China entered the license race. The large Hong Kong Bank HSBC was also going to request a regulator’s permission to launch stablecoin.

Member of the NG KIT-CHONG Legislative Council (NG Kit-Chong) added that local statesmen are also working on new rules for regulating offline transactions with cryptocurrencies that can be adopted this year. He urged people not to trust the advertisement that unlicensed issuers of stabelcoins can launch. Since August, Hong Kong introduced criminal liability for advertising of stablecoins without permission – violators are facing a fine and imprisonment for up to six months.

The head of the legal department of Amina Group Cora (Cora Ang) said that the strict requirements of the Hong Kong regulator will filter those who are not able to comply with the rules and maintain their own financial stability. After the collapse of the FTX cryptocurrency, regulators do not want to risk their reputation and user money.

Last month, the Rules entered into force in Hong Kong, obliging the issuers of stablcoins to identify each holder of their tokens in order to prevent money laundering and financing of terrorism.