licenses

According to Tencent News' "Periscope," the Vice President of the Hong Kong Monetary Authority, Chen Weimin, stated that the timeline for issuing the second batch of licenses has not yet been determined, as it needs to be "based on the operational situation of the first two companies," and the total number of licenses in the future will be very limited.In addition, sources revealed that Chinese institutions that participated in the application submission have received "window guidance" from relevant departments, requesting them to postpone their participation in the stablecoin license application. However, some Chinese institutions have continued to communicate with the Hong Kong Monetary Authority over the past few months. After excluding Chinese institutions, the vast majority of the proposed applicants have limited capabilities, and there are not many qualified institutions that can fully meet the requirements of the "Stablecoin Regulation."Lee Kuan-hong, the head of HSBC Payme, told reporters that any Payme user can open a stablecoin account. In the stablecoin account, users can directly transfer money to friends and family, transfer to merchants, or invest in products linked to stablecoins. Users in the HSBC app cannot directly open an account; they must wait for HSBC to screen eligible users before applying for a stablecoin account.Payme account opening has required users to be local residents of Hong Kong, while users of the HSBC app also include mainland users. Under the existing management framework in Hong Kong, only local residents can participate in virtual asset trading, and mainland customers, even if they are mobile payment users of HSBC Hong Kong, cannot apply for a stablecoin account.

According to Caixin, the second batch of Hong Kong compliant stablecoin licenses is currently under application. Reliable sources reveal that Futu Securities and OSL Group are both contenders for the second batch of licenses.However, in November last year, the People's Bank of China and 13 other ministries reiterated their stance on cracking down on virtual currency trading in China and classified stablecoins as virtual currencies, which means that trading stablecoins will not be possible in mainland China.

According to the official website of the Hong Kong Monetary Authority, the Hong Kong Monetary Authority (HKMA) announced the first batch of stablecoin issuer licenses today at 17:00. The licensed institutions include HSBC and Standard Chartered Bank.

According to Jinshi, the Hong Kong Monetary Authority will announce the first batch of stablecoin licenses at 5 PM on April 10, after which licensed stablecoin issuers will meet with the media. The Monetary Authority received a total of 36 applications and plans to issue 2 to 3 licenses, with strict regulatory standards. The Monetary Authority's Chief Executive, Eddie Yue, stated that the number of licenses issued in the first batch will aim for prudence, with the goal of issuing licenses in March this year.

Lighter founder and CEO Vladimir Novakovski stated during the Q1 investor conference call that Lighter has initiated the application process for on-chain derivatives trading licenses, as it is not feasible to attract large traditional financial institutions like Citadel without a license.

The first batch of issuer licenses in Hong Kong was originally scheduled to be issued in March 2026, but it has not materialized as planned. A spokesperson for the Hong Kong Monetary Authority (HKMA) responded that the HKMA is fully committed to advancing the licensing process and will make announcements to the public at the appropriate time.Regarding who will obtain the first batch of stablecoin licenses in Hong Kong, the market has previously focused on two major Hong Kong dollar issuing banks, HSBC and Standard Chartered. HSBC has not publicly disclosed whether it has submitted an application for a stablecoin license. However, as early as mid-January this year, there were rumors in the market that HSBC had a good chance of obtaining the first batch of licenses. Currently, there is no clear official disclosure on why the issuance of stablecoin licenses has been delayed beyond the anticipated timeline.Individuals close to the stablecoin license applications revealed that the HKMA has been in close contact with the first batch of potential compliant licensees, and there are still proposed amendments regarding the issuance matters. In addition, the second batch of compliant stablecoin licenses in Hong Kong is also in the application process. Reliable sources indicate that Futu Securities and OSL Group are strong contenders for the second batch of licenses.

According to Reuters, Vietnam plans to launch a pilot project for licensed cryptocurrency exchanges as early as this month to restrict domestic users from trading on foreign platforms and strengthen capital flow regulation.Documents from the Vietnamese Ministry of Finance show that five companies have passed the preliminary qualification review, including affiliated institutions of three private banks: Techcombank, VPBank, and LPBank, as well as the securities brokerage VIX Securities and the large private enterprise group Sun Group. The pilot period is set for five years, with a cap of five licensed exchanges, and the entry threshold is high, requiring a minimum registered capital of 100 trillion Vietnamese dong (approximately 37.9 million USD), with foreign ownership not exceeding 49%. The Ministry of Finance is drafting relevant regulations that aim to prohibit Vietnamese citizens from trading on foreign cryptocurrency platforms, with violators facing fines of up to 100 million Vietnamese dong (approximately 3,800 USD).Analysts point out that this ban may force over 17 million cryptocurrency holders in Vietnam to withdraw from foreign exchanges such as Binance and Bybit. The enforcement timeline is clear, set to take effect six months after the first batch of licenses is issued.

According to market news, the first batch of stablecoin issuer licenses in Hong Kong is expected to be announced this month. Sources say that Standard Chartered Bank, HSBC, and licensed virtual asset trading platform OSL are among the first batch, with the announcement possibly coming as soon as next week, but the list remains subject to change.Previously, there were about 5 candidate institutions, which may ultimately be reduced to 3. The regulatory authorities may prioritize banking institutions to ensure stability and market confidence. It is worth noting that there are no Chinese institutions mentioned in the rumors; YuanCoin Technology, LianLian Digital, and others may not have made it to the first batch. The Hong Kong Monetary Authority has stated that it does not comment on market rumors.

According to market news, HSBC, Standard Chartered Bank, and the local Hong Kong virtual asset trading platform OSL will be among the first companies to obtain a stablecoin license in Hong Kong.Reports suggest that the list may be announced as early as next week, but it has not been finalized and is still subject to change. The Hong Kong Monetary Authority stated that it does not comment on market rumors.

According to the Hong Kong Economic Journal, the first batch of stablecoin licenses in Hong Kong will be issued after the Two Sessions, with fewer than 4 licenses in the first batch. It is reported that Yuan Coin Technology, which participated in the Hong Kong Monetary Authority's stablecoin issuer "sandbox" testing, will not be among the first batch to receive stablecoin licenses.The Hong Kong Monetary Authority previously revealed that it received stablecoin license applications from 36 institutions in the first round, but emphasized that the number of licenses in the first batch will definitely not be large, aiming for prudence and stability.

According to market news, Russia is planning to fully incorporate cryptocurrency trading into a regulated "legal infrastructure" through legislative means, by authorizing commercial banks and brokers to lead digital asset operations and establishing a domestic compliance trading system that is highly isolated from global mainstream markets.Elvira Nabiullina, the Governor of the Central Bank of Russia, proposed at the annual meeting of credit institutions to allow qualified commercial banks and brokerage firms to obtain cryptocurrency trading licenses through a filing process, utilizing their existing anti-money laundering (AML) systems to monitor the flow of funds, and limiting banks' risk exposure to such assets to no more than 1% of their capital.According to a draft by the State Duma's Financial Market Committee, the new regulations are expected to be ready by July 1, 2026, aiming to change the current lack of transparency in the legal status of digital assets and guide decentralized P2P trading to regulated domestic platforms. Analysts point out that, with the deepening of EU and US sanctions against Russia, this move aims to create a "self-sufficient compliance internal circulation."

According to Jinshi reports, the Financial Secretary Paul Chan stated in the "2026 Budget" that the government will submit a draft digital asset policy bill within the year, establishing a licensing system for service providers involved in digital asset trading and custody.Hong Kong has implemented a licensing system for fiat-backed stablecoin issuers, with the first batch of licenses to be issued in March. The government and financial regulators will continue to promote licensed issuers to explore more application scenarios under compliance and manageable risk conditions.

The American Bankers Association (ABA) submitted a letter to the Office of the Comptroller of the Currency (OCC), urging a slowdown in the approval process for cryptocurrency companies' bank charter applications. The ABA warned that approving these applications before Congress completes the relevant regulatory framework could pose risks to the financial system. Currently, several cryptocurrency companies, including Circle, Ripple, and Coinbase, are applying for or have already obtained OCC trust bank charters.The banking industry is concerned that this will allow cryptocurrency companies to bypass the traditional banking intermediary layer and directly access the Federal Reserve payment system.

According to Forbes, as the regulatory environment in the United States gradually relaxes, the fintech industry is accelerating its transformation towards "licensed banking." Last year, the approval process for trust bank licenses significantly sped up, with the Office of the Comptroller of the Currency (OCC) approving conditional applications for national trust bank licenses for five companies, including Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. It is reported that having a banking license is also seen as an important means to hedge against fluctuations in the capital markets.Industry insiders believe that the era of fintech companies merely serving as front-end channels for traditional banks is coming to an end. An increasing number of digital finance and crypto institutions are beginning to directly seek banking licenses. By accepting custodial deposits and connecting to the federal payment system, crypto companies can obtain a more stable and lower-cost source of funding.

According to the Beijing Business Daily, new developments have emerged in the regulation of stablecoins in Hong Kong. The Chief Executive of the Hong Kong Monetary Authority, Eddie Yue, stated that 36 applications for stablecoin issuer licenses have been received, and the relevant assessment work is being expedited, aiming to issue the first batch of stablecoin licenses in March, although the number will be kept prudent and limited.Eddie Yue emphasized that one of the key focuses of the review is risk management capabilities, including the application scenarios of stablecoins, reserve asset allocation, and cross-border compliance arrangements. In the future, if cross-border businesses involve the mainland, Singapore, London, and ASEAN, the relevant institutions must also comply with local regulatory requirements.Industry insiders pointed out that the issuance of the first batch of licenses is expected to promote the development of a compliant stablecoin ecosystem in Hong Kong, driving financial innovations such as tokenized assets and cross-border payments, further consolidating Hong Kong's international position in the digital finance sector. However, the Monetary Authority has clearly insisted on a regulatory approach that prioritizes stability, believing that stablecoin businesses should first be strictly regulated and gradually advanced, with rules optimized based on practical situations.The regulatory authorities also warned to be vigilant against illegal financial activities that use "stablecoins" as a gimmick. Industry experts advise investors to stay away from unlicensed stablecoin products, and participation in Hong Kong licensed stablecoin-related businesses across borders must also comply with mainland foreign exchange and cross-border regulatory requirements to prevent market speculation risks.

The President of the Hong Kong Monetary Authority, Eddie Yue, stated that the first round has received stablecoin license applications from 36 institutions, and they are currently continuing the evaluation, aiming to make a decision as soon as possible and issue the first batch of licenses in March.Eddie Yue pointed out that the regulatory authority has requested additional information for some applications. Since the content submitted in the first round mainly consists of basic information required for licensing, further verification of key elements such as specific application scenarios, risk management arrangements, and the composition of reserve assets will still be necessary. Provided that the information is complete, the Monetary Authority will strive to complete the issuance of the first batch of licenses in March, but emphasized that the number of licenses in the first batch will not be large and will proceed with a principle of prudence and stability.

According to Cryptonews, the Vietnamese Ministry of Finance has issued a resolution this week to launch a pilot program for the formal licensing system of cryptocurrency trading platforms, aiming to bring the industry out of a long-standing legal gray area into a regulatory framework.According to the resolution, the State Securities Commission will be responsible for issuing, adjusting, and revoking operating licenses for crypto asset trading platforms, and has published detailed application guidelines. The system requires applicant companies to be local Vietnamese firms with a minimum paid-up capital of 100 trillion Vietnamese dong (approximately 3.8 million USD), and they must meet strict standards for infrastructure, governance, cybersecurity, and professional staffing.Currently, about 10 securities companies and banks have expressed plans to enter the market after obtaining licenses, among which institutions such as SSI Securities, VIX Securities, MBBank, Techcombank, and VPBank have already begun to establish subsidiaries or collaborate with technology partners for their layout.

According to Jinshi reports, the Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan, stated at the World Economic Forum Annual Meeting in Davos, Switzerland, that Hong Kong, as an international financial center, adopts a proactive and prudent approach to developing digital assets. Since 2023, Hong Kong has issued licenses to 11 virtual asset trading platforms and expects to issue stablecoin licenses later this year. In addition, the SAR government is also promoting the development of tokenization, including the issuance of three batches of tokenized green bonds totaling approximately $2.1 billion and launching a regulatory sandbox to encourage application innovation.