Hong Kong Banks Seek Stablecoin Licenses, Signaling Shift Towards Regulated Crypto

Major Hong Kong banks, including ICBC Asia and HSBC, are aiming to obtain stablecoin licenses from the Hong Kong Monetary Authority (HKMA). This move signifies a growing institutional interest in regulated stablecoins, potentially impacting financial strategies and regulatory landscapes. The HKMA’s strategy aims to regulate fiat-referenced stablecoins by 2025, starting with pre-approval applications from these banks. This initiative signals a shift toward regulated digital currencies in Hong Kong, which could influence capital flows and infrastructure investments within the city’s financial sector.