<div id="readability-page-1"><div>Earlier this year, Hong Kong regulators signaled that its first batch of stablecoin licenses would be issued before the end of the first quarter. But as March turns to April, the approvals have yet to materialize.According to local news source Caixin, the Hong Kong Monetary Authority (HKMA) is continuing to process and review the applications and will provide updates as they come, but stopped short of offering an updated timeline.The delays reportedly stem from regulators pushing prospective issuers to refine key parts of their applications, including reserve asset disclosures, anti-money laundering controls, redemption mechanisms, and how they would perform under extreme stress scenarios.The HKMA has said it received 36 applications under the regime, which took effect in August 2025 and requires any firm issuing stablecoins in Hong Kong to first obtain a license.Banks expected in first waveExpectations for the initial approvals centered on the region's top banks, particularly HSBC and Standard Chartered, which were rumored to be top candidates for the first batch of issuance. A joint venture backed by Standard Chartered, Animoca Brands, and HKT was among the first to signal intent to apply when the framework came into force.The Caixin report also stated that a second wave of applicants is already in motion, with firms such as Futu Securities and OSL Group — the first officially licensed Hong Kong crypto exchange — seen as strong contenders for later rounds.Caution over speedThe delayed rollout, while likely frustrating for those applying for licenses, is on par with Hong Kong's historical approach to crypto and digital asset regulations.Only twelve crypto exchange licenses have been issued since the licensure regime launched in 2020, with approvals coming in waves rather than all at once. Just one platform has been licensed so far in 2026.Its caution has been at least partly shaped by past enforcement episodes, including the fallout from the JPEX case in 2023, which drew more than 1,600 user complaints involving HK$1.19 billion (roughly $150 million) in assets.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. </div></div>

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Hong Kong regulators have missed their March target for issuing the first stablecoin licenses, with approvals still pending as of April. The Hong Kong Monetary Authority (HKMA) is reviewing 36 applications, focusing on reserve asset disclosures and anti-money laundering controls. Major banks like HSBC and Standard Chartered are expected to be among the first to receive licenses. The delay reflects Hong Kong's cautious approach to crypto regulations, with only twelve crypto exchange licenses issued since 2020. The HKMA's careful review process follows past enforcement issues, including the JPEX case in 2023.

- Hong Kong regulators are delayed in issuing stablecoin licenses, with approvals still pending as of early April.  
- The Hong Kong Monetary Authority (HKMA) is reviewing 36 applications but requires refinements on reserve disclosures and anti-money laundering controls.  
- This cautious approach reflects Hong Kong's historical regulation of crypto, with only twelve crypto exchange licenses granted since 2020.

Hong Kong misses March target for first stablecoin licenses