The Hong Kong Monetary Authority (HKMA) on Thursday said it has so far received applications from 36 institutions for a licence to issue stablecoins.
The city’s Stablecoin Ordinance to regulate the industry took effect on August 1.
Stablecoin is a type of cryptocurrency based on blockchain and is backed by a reference asset, typically fiat currencies such as the US or Hong Kong dollar.
Issuers of fiat-referenced stablecoins within the city or Hong Kong-dollar backed stablecoins anywhere must be licensed by the HKMA.
Read more: news.rthk.hk
