Hong Kong’s government said the Hong Kong Monetary Authority (HKMA) will grant stablecoin issuer licenses to two bank-backed institutions in April 2026, with regulated stablecoins expected to launch in mid-to-late 2026 based on the applicants’ existing business plans.
According to ChainCatcher, the government disclosed the plan in a written reply to the Legislative Council.
The government said the HKMA has sent letters to unregulated entities operating stablecoin issuance businesses in the market to explain legal requirements and will continue follow-up actions. It added that cases may be referred to the police or the Department of Justice if needed.
Separately, the government said it will submit a bill to the Legislative Council this year to establish a regulatory regime for virtual asset trading, custody, advisory, and management service providers.