HKMA stablecoin licenses will be tightly controlled under Hong Kong’s new Stablecoin Ordinance, which took effect in August, with the regulator signalling a high bar for approval. The HKMA expects only a limited first batch of issuers to be licensed early next year. Meanwhile, Hong Kong Exchanges and Clearing has reportedly queried at least five companies seeking to rebrand as Digital Asset Treasury firms holding large crypto reserves, citing listing rules that bar firms from

Hong Kong stablecoin audit rules should not be rushed or risk “killing the industry,” according to David Sun Tak-kei, head of the...