Sources: Hong Kong Stablecoin Issuer License Applications to Be by Invitation Only

According to ChainCatcher, sources have revealed that Hong Kong's Stablecoin Regulation will take effect on August 1, 2025, at which time the application process for stablecoin licenses will also commence. Unlike the traditional approach where applicants download forms and submit written applications in a standardized manner, the licensing process for stablecoin issuers will be arranged through an invitation-based application system.

“In practice, the Hong Kong Monetary Authority, which is responsible for supervising the licensing process, will proactively communicate with prospective stablecoin license applicants to assess whether they meet the basic eligibility requirements. Only those who receive preliminary approval during this pre-communication phase will be issued application forms by the HKMA.”