Hong Kong to issue stablecoin licenses to HSBC, Standard Chartered

Hong Kong authorities are preparing to issue stablecoin licenses to HSBC, Standard Chartered, and local cryptocurrency exchange OSL, according to a report by local media outlet Sing Tao Daily. The list of licensees could be announced as early as next week, although the timeline is subject to change. Hong Kong passed a stablecoin ordinance last May that requires a license for any business issuing stablecoins in the city or handling stablecoins pegged to the Hong Kong dollar. The law took effect in August, after which the Hong Kong Monetary Authority (HKMA) began accepting applications.