Hong Kong Monetary Authority: The "invitation system" for stablecoin licenses is an unofficial statement, and institutions can proactively communicate about licensing matters.

On August 1, a person from the Hong Kong Monetary Authority (HKMA) stated that the "invitation-based" licensing for stablecoins is not an official term, but more of a market interpretation. The "by invitation" approach does not fully reflect the licensing model of the HKMA, as institutions that are willing and interested in applying can proactively communicate with the HKMA regarding licensing matters. A week ago, HKMA President Eddie Yue revealed that although it has been clearly stated that only a few stablecoin licenses will be issued in the initial phase, dozens of institutions have already actively contacted the HKMA team. The HKMA's announcement on July 29 also showed that it encourages institutions interested in applying for licenses to contact the authority by August 31, 2025, so that the HKMA can convey regulatory expectations and provide appropriate feedback. At the same time, the licensing will be an ongoing process; if individual institutions believe they are adequately prepared and wish to be considered early, they should submit their applications to the HKMA by September 30, 2025. Institutions that have not received licenses in the initial phase but still wish to apply will maintain appropriate communication with the HKMA. Regarding licensing requirements, the HKMA stated that institutions obtaining stablecoin issuer licenses must meet three requirements: Compliance (risk control), Specificity (application scenarios), and Sustainability (financial condition). In addition, the authority emphasized that it will not disclose the list of institutions that have expressed interest or submitted applications.