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- Zameer Attar
Zameer Attar
- Reviewed by:
Anjali Belgaumkar
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.
- Jul 09, 2025 06:21 UTC
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Multiple International Companies Apply for Hong Kong’s Stablecoin Licensing
The Hong Kong Stablecoin Ordinance will come into effect on August 1, 2025.
Now, the Hong Kong Monetary Authority (HKMA) will begin accepting stablecoin license applications.
JD CoinChain, Standard Chartered, Ant International, Circle Innovation and other multinational company applies for HKMA Stablecoin license.
The Hong Kong Legislative Council passed the Stablecoin Ordinance on May 21, and it will come into effect on August 1, 2025. Now, the Hong Kong Monetary Authority (HKMA) will begin accepting license applications. However, it has been speculated that the licenses are relatively short, contrary to the growing demand. More than 40 companies are preparing to apply.
Competition for Crypto License in Hong Kong
Institutions from all over the world are welcome to apply for the license, making the process flexible and intensifying the competition. More than 40 companies have submitted their application, on top of a dozen more companies intending to apply.
- JD CoinChain: A crypto operating on a decentralized blockchain platform
- Standard Chartered: A multinational bank partnering with the Animoca brand and HKT to form a joint venture that will apply for the HKMA license
- Circle Innovation Technology Co., A non-profit facilitator of technology solutions and innovation, is also applying for a stablecoin license in Hong Kong.
- Ant International, A global digital payment provider, is also planning to apply for stablecoins to strengthen blockchain operations and cross-border payment services.
Hong Kong Monetary Authority Open for License Application
The Hong Kong Monetary Authority (HKMA) will start accepting stablecoin licenses from August 1, allowing investors to buy and sell virtual assets on a licensed virtual asset trading platform. The move aims to regulate fiat-referenced stablecoins and promote digital asset activities in the nation.
“The passage of the Stablecoins Ordinance is a pivotal step. From 1 August 2025, all issuers of fiat-referenced stablecoins must be licensed by the HKMA and meet rigorous reserve, redemption, and AML standards.”— Hong Kong Monetary Authority (HKMA)
Uplifting Hong Kong’s Digital Asset Market Standard
The HKMA has set a bunch of compulsory requirements for stablecoin licenses, including—
- A minimum paid-up share capital of at least HKD 25 million
- incorporation of a physical office in Hong Kong
- Risk and reporting management compliance
- Transparency and Security
These are some of the measures mandatory for the applicant to follow. As the competition is growing for digital assets, Hong Kong is uplifting its standards while potentially positioning itself as a global crypto hub. Looking at these new regulations, it appears that Hong Kong is aligning its standards with global agencies.
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FAQs
Yes, Singapore is widely considered a highly crypto-friendly country in 2025. It boasts a robust, evolving regulatory framework, no capital gains tax on personal crypto investments, and a thriving blockchain ecosystem. The Monetary Authority of Singapore (MAS) actively supports crypto innovation while prioritizing consumer protection and financial stability.
For individual investors, Singapore imposes no capital gains tax on profits from selling or trading cryptocurrencies. However, if you trade crypto as a business or receive it as payment for goods/services, it’s subject to standard income tax. Generally, buying/selling crypto is exempt from Goods and Services Tax (GST), but an 8% GST applies to transaction fees.
Yes 
No 
