Hong Kong’s financial authorities had said they would issue the first stablecoin licence in the first quarter of this year, but no firm has received approval as of April.

According to a recent report by The Block, the Hong Kong Monetary Authority (HKMA) told local media outlet Caixin it is continuing to process and review applications and will announce any progress. It did not give a specific timetable.

The HKMA is reported to be asking applicants to strengthen key items such as reserve-asset disclosures, anti-money laundering (AML) controls, redemption mechanisms and response plans for extreme stress scenarios.

The Hong Kong Monetary Authority has received a total of 36 applications under the stablecoin licensing regime that took effect in August 2025. The regime requires companies issuing stablecoins in Hong Kong to obtain a licence first.

HSBC and Standard Chartered have been mentioned as leading candidates for early licences. A joint venture backed by Standard Chartered, Animoca Brands and HKT is also among those that expressed intent to apply from the early stage of the regime’s rollout. According to Caixin, Futu Securities and OSL Group, Hong Kong’s first official cryptocurrency exchange, are seen as leading candidates for second-round licences.