Catenaa, Tuesday, September 09, 2025- HSBC and Industrial and Commercial Bank of China (ICBC) are preparing to apply for stablecoin licenses under Hong Kong’s new regulatory regime, according to local media.
The move comes as the Hong Kong Monetary Authority begins its rollout of a strict licensing framework for fiat-referenced digital assets.
The Hong Kong Economic Journal reported that ICBC and Standard Chartered are expected to be among the first to secure approvals, giving them an early foothold in a market reshaped by tighter oversight.
HSBC, one of the world’s largest banks, also signaled plans to join the licensing race, though none of the banks have publicly confirmed their applications.
The stablecoin ordinance, which took effect on August 1, sets tough compliance requirements, criminalizing the promotion of unlicensed fiat-pegged tokens to retail investors.
The HKMA has said only a limited number of licenses will be issued initially.
Already, 77 institutions have expressed interest, with many applicants calling the standards stricter than anticipated.
The rollout has triggered volatility, with some stablecoin firms reporting steep declines as much as 20% in August.
Regulators described the downturn as a healthy adjustment as the market adapted to tighter rules.
In parallel, Hong Kong’s Securities and Futures Commission introduced new custody rules, imposing higher security standards and banning smart contracts in cold wallet use.
Analysts say granting licenses to leading global banks could bolster confidence in Hong Kong’s ambition to become a regional hub for regulated digital finance, while also setting a precedent for how stablecoins integrate into mainstream banking.
