ICBC Asia and HSBC Pursue Stablecoin Licenses in Hong Kong

Two major players in the financial world, ICBC Asia and HSBC, are demonstrating their commitment to stablecoins by applying for licenses from the Hong Kong Monetary Authority (HKMA). This move aligns with Hong Kong’s new regulatory framework for stablecoins, which is set to go into effect on August 1, 2025. This signals a shift in focus towards digital currencies as major banks engage with the burgeoning stablecoin sector in Hong Kong.