Hong Kong Delays Issuance of First Compliant Stablecoin Licenses

Hong Kong has delayed issuing its first batch of compliant stablecoin licenses, missing a previously announced March target.

The pause signals regulators’ preference for tighter risk controls over speed as global authorities grapple with how to supervise fast-growing, crypto-linked payment instruments, people familiar with the matter said.

A spokesperson for the Hong Kong Monetary Authority (HKMA) told Caixin the regulator is pressing ahead with the licensing process and will make an announcement in due course. The delay comes after public commitments from senior officials, including HKMA Chief Executive Eddie Yue and Financial Secretary Paul Chan Mo-po, who said in his Feb. 25 budget speech that the first licenses would be issued in March. Hong Kong’s Stablecoins Ordinance took effect on Aug. 1, 2025.

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