Odaily Planet Daily News Sources revealed that the Hong Kong Stablecoin Ordinance will take effect on August 1, 2025, and the application for stablecoin licenses will be launched at the same time. The license for stablecoin issuers will not be issued by applicants downloading forms and submitting written applications on their own, but will be arranged in a similar invitation application system.
"In actual operation, the Hong Kong Monetary Authority, which is responsible for supervising and issuing licenses, will communicate with interested applicants for stablecoin licenses in advance to understand whether the other party meets the basic application qualifications. Only after obtaining basic recognition in the pre-communication will the HKMA issue an application form." (Caixin)