Hong Kong central bank targets March for first fiat stablecoin licences after 36 applications

Hong Kong's Monetary Authority has received 36 applications to operate as fiat stablecoin issuers and aims to grant the first batch of licences in March, chief executive Eddie Yue said on Feb. 2. The HKMA is reviewing submissions and has asked some applicants for more details on use cases, risk management and reserve asset composition. Yue said the initial batch will "definitely not be large" as the authority prioritises prudence and stability while refining its virtual asset regulatory framework.