Hong Kong set to issue first batch of stablecoin licences early next year

Hong Kong, which is positioning itself as a crypto-friendly hub, is establishing a licensing regime for stablecoins referenced to the Hong Kong dollar. A new guideline issued this week lays out operational, financial, and governance standards. Authorities said the first batch of licences for issuers is expected to be granted by early-2026. The government believes its open-model approach will entice global institutions to issue stablecoins in the city. This will help enhance the city’s liquidity and competitiveness, while building up the territory’s hopes to cement its reputation as a leading international digital asset hub. May Wong reports.