HKMA receives applications for issuing stablecoin from 36 organizations

The Monetary Authority said it had received applications for issuing stablecoin from 36 organizations.

The regulatory regime for stablecoin issuers came into effect on August 1 this year.

The Monetary Authority or HKMA said, as of the end of last month, it had received applications for issuing stablecoin from 36 organizations, including banks, tech enterprises, start-ups, among others.

HKMA said it will review the applications and approve them in accordance with the Stablecoin Ordinance, aiming to announce the first batch of stablecoin isuer early next year.