This early stage is designed to help applicants understand regulatory expectations and receive feedback before formal submissions are due.
Meanwhile, companies that meet the necessary conditions must submit complete applications by Sept. 30.
Darryl Chan, the HKMA’s Deputy Chief Executive, reportedly said the regulator plans to issue only a limited number of licenses in the initial rollout, possibly starting in 2026.
Meanwhile, stablecoin providers in the US are adjusting to requirements introduced under the recently passed GENIUS Act.
The HKMA also cautioned market participants against making misleading public claims. The financial regulator stressed that the new law criminalizes false representation of oneself as a licensed issuer or an applicant.
HKMA stressed that any such misstatement could attract legal consequences.
To help the public identify legitimate operators, the HKMA will publish a list of licensed stablecoin issuers on its website. Until then, the regulator advised users to be wary of any firm or individual claiming to be licensed or applying for a license.
It added that no licenses have been granted yet, and any public claims to the contrary should be treated with skepticism.
The regulator also cautioned users that holding or transacting with unlicensed stablecoins will be done at their own risk.
