Hong Kong to Begin Issuing Stablecoin Licenses in March 2024

The Hong Kong Monetary Authority plans to issue a limited number of stablecoin licenses starting March 2024, as stated by CEO Eddie Yue.

In an exciting development for the crypto sector, the Hong Kong Monetary Authority (HKMA) is set to commence the issuance of stablecoin licenses in March 2024. According to Eddie Yue Wai-man, the authority's chief executive, the initial rollout will be limited to a select number of licenses.

This strategic move signals Hong Kong's intent to establish a regulatory framework for stablecoins while exercising caution in the early stages of this initiative. With a focus on maintaining financial stability and safeguarding investors, the HKMA aims to carefully evaluate the suitability of each applicant before granting licenses.