PANews reported on February 2 that, according to Ta Kung Pao and Wen Wei Po, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, stated that the Hong Kong Stablecoin Ordinance officially came into effect on August 1 last year. In the first round, a total of 36 institutions submitted applications for stablecoin licenses. The authorities are currently continuously evaluating these applications and hope to make a decision as soon as possible, aiming to issue the first batch of licenses in March.

Eddie Yue stated that he has requested additional information from some applicants. Since the initial submissions mainly consisted of basic information required for licensing, further follow-up questions will be raised regarding key elements after review, such as details of specific application scenarios, risk management measures, and the composition of underlying reserve assets. If all required information is collected, efforts will be made to issue the first batch of licenses in March. The number of licenses issued in the first batch will certainly be small, and a prudent and stable approach will be adopted.