Hong Kong Monetary Authority Receives Stablecoin License Interest

According to Foresight News, unnamed sources reported that ICBC Asia and HSBC have expressed interest in applying for a stablecoin license with the Hong Kong Monetary Authority (HKMA). It remains uncertain whether HSBC will formally submit its application by the end of this month. Previously, Foresight News cited the Hong Kong Economic Journal, noting that as of August 31, the HKMA spokesperson stated that 77 entities had expressed interest in applying for a stablecoin license. These entities include banks, technology firms, securities and asset management companies, investment firms, e-commerce businesses, payment institutions, and startups, including those in the Web3 sector. The HKMA spokesperson reiterated that during the initial phase of implementing the regulations, only a limited number of stablecoin licenses will be approved.