The Hong Kong Monetary Authority is likely to issue the first batch of stablecoin licences early next year.

With its coming licensing regime, Hong Kong must ensure its fast-mover advantage in developing virtual-asset trading reinforces its position as a financial hub.

‘We aim to progress step by step, gradually driving the digital transformation of Hong Kong,’ HKMA deputy chief executive Darryl Chan says.

The Hong Kong Monetary Authority is likely to issue the first batch of stablecoin licences early next year.

Observers surprised after the city’s de-facto central bank says it plans to issue the first batch of licences early next year.