Why Hong Kong’s Stablecoin Licences Playing Hide and Seek Might Have You Chuckling

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Ah, the land of high-rises and dim sum, where the Hong Kong stablecoin regulatory saga unfolds like a painter meticulously coaxing colors from a reluctant palette. The clock ticks towards August 1, an illustrious date that promises a grand unveiling of a regime—yet the esteemed Monetary Authority seems to have misplaced the keys to its treasury of licences. 🎩

Brace Yourself: Hong Kong’s Stablecoin Licences Coming in Early 2026 (Or Maybe Not!)

In a rather amusing press release, the venerable Hong Kong Monetary Authority (HKMA) has benevolently shared a compendium of explanatory notes and guidelines about the forthcoming stablecoin regulatory gala that is to start in August. Such a delightfully vague affair! 🎉

Now, let us delve into the depths of legislation; charmingly known as the Stablecoins Ordinance, this bill waltzed through the Legislative Council in May. It graciously dictates that any soul wishing to mint fiat-referenced stablecoins (a mouthful, isn’t it?) must bat their eyelashes at the HKMA for a licence. A quaint custom, reminiscent of courting a finicky landlord. 😏

The law is set to unfurl its petals on August 1, but joyfully, not a single issuer has been blessed with a licence by the regulator. “In the future, the public may *refer* to the register of licensed stablecoin issuers,” chirps the cheerful press release. Naturally, dear reader, the list is as barren as a winter landscape. 🥶

In a heartfelt note, the regulator urges:

Public members are advised to exhibit caution towards anyone sporting claims of being a licensed stablecoin wizard in Hong Kong, or those who cryptically whisper of applying for a licence. 🕵️‍♂️

Oh, the drama! The HKMA has enthusiastically encouraged potential issuers to reach out for feedback by August 31, and if one feels particularly ambitious, applications can be thrown into the proverbial hat by September 30. Make haste! ⏰

Reports from the grand oracle known as Reuters declare that the first batch of coveted licences might not grace anyone’s hands until early next year. How delightful! Deputy Chief Executive Darryl Chan Wai-man has confirmed that only a select few lucky contenders will bask in the glory of this initial boon. 🎖️

Echoing through the halls of digital currency wisdom, HKMA CEO Eddie Yue cautions against the mercurial spirits of speculation swirling in the air ahead of the Stablecoins Ordinance. Alas, many hopeful applicants are still crafting their masterpieces in the conceptual phase. To this end, the regulator quipped:

The HKMA graciously reminds market participants to engage in prudence with their public tales, avoiding grim misinterpretations or the crafting of unrealistic dreams. 🌈

One clause in the anti-money laundering (AML) guidelines twinkles with peculiar allure—FRS issuers may have to unveil the identities of all stablecoin holders. A level of scrutiny quite reminiscent of a nosy neighbor peeking through the curtains! 👀

“Given Hong Kong’s illustrious reputation for established systems, we do not expect a raucous adoption of stablecoins to burst forth immediately,” Chan elaborated to the South China Morning Post, “We prefer to waltz forward step by step, gently nudging the digital transformation of our fair city.”

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2025-07-30 13:20