Latest news with #StablecoinsOrdinance
RTHK
3 days ago
- Business
- RTHK
First stablecoin licences expected for 2026
First stablecoin licences expected for 2026 Darryl Chan says only "a handful" of licences will be granted for the first batch. Photo: RTHK The Hong Kong Monetary Authority (HKMA) on Tuesday said the first batch of licences for stablecoin issuers could be granted early next year at the earliest. Applications are set to start from Friday when the Stablecoins Ordinance, a new law governing the industry, takes effect. Stablecoin is a type of cryptocurrency typically pegged to a reference reserve asset, usually fiat currency such as the Hong Kong dollar or US dollar. The new law requires all stablecoin issuers in the SAR to obtain a licence from the HKMA before issuing and marketing such virtual assets. The market had earlier expected that the first batch of issuer licences might be issued within this year. The HKMA's deputy chief executive, Darryl Chan, said only "a handful" of licences will be granted for the first batch. "We do not have a specific target on how many licences we'll offer to applicants in the initial stage, as it really depends on the quality of applicants' use cases and their business. We have a very high bar," he said. "That said, the licensing will be an ongoing rolling process, so even for applicants who didn't get a licence in the first round, we'll continue to communicate with them and see how they could improve and adjust to meet our requirements, and there'll still be chances of future issuances." Raymond Chan, the HKMA's executive director (enforcement and anti-money laundering), said all stablecoin issuers should implement risk control measures, such as ascertaining ownership and controls of customers' virtual asset wallets. (Additional reporting by Reuters)
The Star
23-07-2025
- Business
- The Star
Hong Kong to implement stablecoin ordinance in sustainable manner: HKMA chief
HONG KONG, July 23 (Xinhua) -- Chief Executive of the Hong Kong Monetary Authority (HKMA) Eddie Yue said in a statement on Wednesday that it is important to implement the Stablecoins Ordinance in a robust and sustainable manner. Hong Kong's Stablecoins Ordinance will come into effect on Aug. 1. Yue said that given the merits of stablecoins as an emerging payment instrument and their gradual integration into the mainstream financial system as regulation takes shape, it is necessary to guard against undue speculation caused by market and public opinions. Judging the market and public excitement over the past month, it seems necessary to further rein in the euphoria, he said. In regard to guarding against financial risks, as an international financial center, Hong Kong is widely recognized for its prudent regulatory standards. In light of shared international regulatory concerns, more stringent requirements will be imposed in respect of anti-money laundering to minimize the risks of stablecoins being used as a money laundering tool. This is to ensure the orderly and healthy development of Hong Kong's stablecoin market, Yue said. Yue said that regulation is an art of balancing divergent objectives. More stringent regulatory requirements will inevitably limit the room for stablecoin businesses to scale rapidly in the short term. However, it is better for regulated stablecoin business, which is still in its infancy, to start with stricter regulations to ensure sound operation, he added. Yue pointed out that the HKMA also recognizes the importance of ensuring that the regulatory requirements are necessary and reasonable to create room for issuing entities to stand on their feet and thrive.
Arabian Post
18-06-2025
- Business
- Arabian Post
JD.com Advances Global Stablecoin Ambitions
is preparing to deploy a regulated stablecoin through its Hong Kong arm as part of a significant expansion into digital payments. Its subsidiary, Jingdong Coinlink Technology Hong Kong, entered the Hong Kong Monetary Authority's stablecoin sandbox in July 2024. The project is testing tokens pegged to the Hong Kong dollar and other major currencies, aiming for a wider rollout in the fourth quarter of 2025. Tests performed by JD Coinlink have covered cross-border payment mechanisms, retail use cases—initially in JD Global's Hong Kong and Macau markets—and investment applications on a public blockchain, ensuring transparency and regulatory compliance. JD is targeting integration across its extensive e-commerce ecosystem, including fast‑settling transactions for global trade, M&A deals, B2B settlements and consumer checkouts. Richard Liu, JD's founder and chairman, highlighted the company's aim to secure stablecoin licences across major currency jurisdictions, citing the potential to cut cross‑border payment costs by up to 90 per cent and reduce settlement times to approximately 10 seconds. Liu underlined that once B2B applications prove viable, JD intends to broaden the stablecoin's use to everyday consumer purchases within its platform. ADVERTISEMENT The HKMA granted licences only to firms demonstrating robust risk controls and consumer protections. Under the Stablecoins Ordinance, which passed on 21 May 2025, issuers using or referencing the Hong Kong dollar must obtain formal approval and meet stringent obligations including reserve backing, redemption rights, transparent governance and segregation of client assets. Jingdong Coinlink is complemented by parallel efforts to issue an offshore yuan stablecoin, though its launch hinges on regulatory authorisation from mainland authorities. This aligns with wider interest in the stablecoin market: Ant Group is also pursuing Hong Kong licences, and Western giants including JPMorgan, PayPal and Standard Chartered are racing to launch stablecoins. Hong Kong's regulatory clarity gives and its peers a regional advantage. The sandbox initiative, begun in March 2024, enabled live testing under HKMA supervision prior to licence application. With the Ordinance's full force due on 1 August 2025, JD appears well aligned to capitalise on a rapidly evolving framework. JD's stablecoin will be issued on a public blockchain, enabling open verification of issuance volume and reserve data. CEO Liu Peng confirmed that the second phase of testing concluded in May, focusing on cross-border, retail and investment use cases. Assuming regulatory approval, licensing and integration plans are on track for Q4 2025. These efforts form part of JD's broader strategy to become a fintech powerhouse. The company recently expanded in food delivery and consumer finance, acknowledging a 'lost' five‑year stretch of innovation. Its current push builds on JD's in‑house blockchain infrastructure—Zhizhen Chain—which already facilitates roughly US $7 billion annually in supply‑chain finance. Industry analysts observe that JD's combination of logistics, e‑commerce reach and blockchain technology positions it uniquely among digital‑asset issuers. With nearly 600 million active users and operations spanning over 20 countries, the company could accelerate stablecoin adoption by integrating token payments into its merchant network. As global stablecoin activity accelerates—fuelled by regulatory developments like the U.S. GENIUS Act and Hong Kong's licensing framework— may emerge as one of Asia's first large-scale retail-facing stablecoin providers. Depending on its licensing trajectory, JD plans to list its stablecoin on regulated exchanges and deploy it on a public blockchain in Q4 2025. Beyond the HKD coin, the company is developing offshore yuan functionality, pending mainland approval.
Time of India
12-06-2025
- Business
- Time of India
Ant unit plans to apply for stablecoin issuer license in Hong Kong
Ant Group , an affiliate of China's e-commerce giant Alibaba , plans to apply for a license to issue stablecoins in Hong Kong through its overseas arm Ant International , the subsidiary said in a statement on Thursday. Last month, Hong Kong's legislature passed a stablecoin bill that establishes a licensing regime for fiat-referenced stablecoin issuers in Hong Kong. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually pegged to a fiat currency such as the U.S. dollar, are commonly used by crypto traders to move funds between tokens. "We plan to apply for the fiat-referenced stablecoins (FRS) issuer's license once the process is open after the Stablecoins Ordinance takes effect on August 1," Ant International said in a statement. The move was first reported by Bloomberg News, which also said Ant would seek to apply for a stablecoin licenses in Singapore and Luxembourg as well. Live Events Ant was founded by billionaire Jack Ma and is 33% controlled by Alibaba. It operates China's ubiquitous mobile payments app Alipay . Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories
Yahoo
12-06-2025
- Business
- Yahoo
Ant unit plans to apply for stablecoin issuer license in Hong Kong
(Reuters) -Ant Group, an affiliate of China's e-commerce giant Alibaba, plans to apply for a license to issue stablecoins in Hong Kong through its overseas arm Ant International, the subsidiary said in a statement on Thursday. Last month, Hong Kong's legislature passed a stablecoin bill that establishes a licensing regime for fiat-referenced stablecoin issuers in Hong Kong. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually pegged to a fiat currency such as the U.S. dollar, are commonly used by crypto traders to move funds between tokens. "We plan to apply for the fiat-referenced stablecoins (FRS) issuer's license once the process is open after the Stablecoins Ordinance takes effect on August 1," Ant International said in a statement. The move was first reported by Bloomberg News, which also said Ant would seek to apply for a stablecoin licenses in Singapore and Luxembourg as well. Ant was founded by billionaire Jack Ma and is 33% controlled by Alibaba. It operates China's ubiquitous mobile payments app Alipay. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
