As crypto-related legislation and adoption continue around the globe, Hong Kong’s Financial Secretary revealed that the regulators will begin issuing stablecoin licenses to qualified issuers in the next few months.
Under the legislation, which will take effect on August 1, licensed entities will be allowed to offer FRS in Hong Kong, while retail investors will be able to access the tokens issued only by these qualified institutions.
The ordinance aims to reinforce regulatory oversight on the digital assets industry, fostering innovation and “responsible, sustainable” development, the Financial Secretary reportedly stated.
Chan said that the second step might involve stablecoins linked to other assets that are “integrated with the real economy,” adding that they must have practical use cases, instead of “being speculative instruments.”
Notably, he considers that “The stablecoin, particularly when it is referenced to fiat currencies, (has) many use case scenarios,” including cross-border payments to enhance efficiency and reduce costs.
Hong Kong’s Financial Secretary stated that regulators have received several applications from entities seeking to become qualified issuers, adding that the licenses will start being issued in a few months.
JD Coinlink’s CEO, Liu Peng, affirmed that the company expects to obtain the HKMA’s license in early Q4 2025 and launch a JD Stablecoin simultaneously, detailing that the firm ended its second phase of testing last month.
