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HSBC and Standard Chartered may receive Hong Kong’s first stablecoin licenses.
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The Hong Kong Monetary Authority has received 36 applications.
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Licenses could be issued later in March.
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The move is part of Hong Kong’s broader crypto hub strategy.
Major Banks Positioned for Early Approval
HSBC and Standard Chartered are expected to be among the first institutions approved under Hong Kong’s new stablecoin licensing framework.
According to reports, the Hong Kong Monetary Authority may issue the first batch of licenses around March 24.
Both banks are note-issuing institutions in Hong Kong, a group that regulators are expected to prioritize under the new regime.
Hong Kong Expands Crypto Regulatory Framework
The licensing system is part of Hong Kong’s effort to establish itself as a global center for digital asset activity.
Officials have already introduced regulatory frameworks for crypto exchanges and launched a stablecoin sandbox that allows companies to test token designs under supervision.
The Hong Kong Monetary Authority has reportedly received 36 applications from firms interested in issuing stablecoins under the new rules.
