The Hong Kong Monetary Authority has received applications for stablecoin licenses from 36 institutions and plans to issue the first batch of licenses in March

The Chief Executive of the Hong Kong Monetary Authority, Yu Weiwen, stated that he has received applications for stablecoin licenses from 36 institutions. He is currently evaluating the relevant applications and requesting additional information from some applicants, including details of application scenarios, risk management measures, and reserve asset composition. Yu Weiwen said that if all the necessary information can be collected, efforts will be made to issue the first batch of licenses in March, but the number of licenses in the first batch will be cautious and not too large.