With the continued legislation and adoption related to encryption around the world, Hong Kong Financial Secretary revealed that the organizers would start issuing Stablecoin’s licenses for qualified exporters in the next few months.
Hong Kong is preparing to issue licenses
Speaking to the local news port, China Daily, Financial Secretary at Hong Kong, Paul Chan Mo Bo, Assure HKMA will start issuing licenses for Stablecoin in the coming months after the relevant bill has passed a month ago.
On May 21, the Hong Kong Legislative Council issued a long -awaited StableCoins Decree, and requires any individual or entity seeking a distinctive reference version (FRS) in the judicial state, or any Hong Kong dollars, to obtain a license from the Health Authority.
Under the legislation, which will become valid on August 1, the licensed entities will be allowed to submit FRS in Hong Kong, while retail investors will be able to reach the symbols issued by these qualified institutions only.
The decree aims to enhance organizational control over the digital asset industry, and to enhance “responsible and sustainable” development.
According to Daily China, the Hong Kong government is taking a “step -by -step” approach to developing the sector, in an attempt to ensure balanced growth with the organization as a first step in its gradual plan.
Chan said that the second step may include stablecoins linked to other “integrated assets with the real economy”, adding that they must have practical use, rather than “speculative tools.”
It is worth noting that “stablecoin, especially when it is referred to in Fiat currencies, (has) many case scenarios, including across border payments to enhance efficiency and reduce costs.
Large companies build stablecoin
Hong Kong Financial Secretary stated that the organizers have received many requests from entities that seek to become qualified sources, adding that the licenses will begin to be released within a few months.
According to the hadith ReportsMultiple companies applied for HKMA license this month, including Reitar Logtech and ARM OF OFSS of Chinese Mantail Technology Group.
In addition, the e -commerce giant JD.com, through Fintech Arm JD Coinlink, was Test HKD-PEGID codes under the sand box program. According to the report, many technology and technology companies have tested the Sandbox Stablecoin Fund since July 2024.
Liu Bing, CEO of JD Coinlink, confirmed that the company expects to obtain a HKMA license in the early Q4 2025 and the launch of JD Stablecoin at the same time, with clarification that the company ended the second phase of the test last month.
Meanwhile, many technology giants also explore similar methods in the United States to improve border payments and transactions. As Bitcoinist reported, many large technology companies, including Apple, X, Airbnb and Google, are in early discussions with various encryption companies to integrate Stablecoins.
This step follows a batch of the two parties of American legislators and the Trump administration to pass two accountable draft laws that have encryption, genius and clarity law, before the first legislative holiday in August.
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