Hong Kong's rules for stablecoin issuers took effect on Friday as the government pursues its ambitions for the crypto sector.

The special administrative region of China has taken steps in recent years to strengthen its position in the industry en route to realising its goal of becoming a hub for crypto and Web3 in Southeast Asia. It established a regulatory framework for crypto exchanges more than two years ago, and started consulting on stablecoin rules in 2023.

The law governing stablecoins, which are cryptocurrencies whose value is pegged to a real-world asset such as the dollar, passed in May. Applications for licenses can be submitted from now for the next three months, according to Hong Monetary Authority (HKMA) guidance published on Tuesday. Firms that have submitted an application will be allowed to continue while their request is being considered until Jan. 31.

While some 40 companies were reportedly waiting to apply for a stablecoin license last month, many are unlikely to be successful. The market has become "overly excited," HKMA CEO Eddie Yue wrote last month. The regulator is likely to approve fewer than 10.

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