HK regulators stall HKD stablecoin approvals, tighten AML/KYC rules as 36 applications await timeline

Hong Kong has delayed issuing its first HKD stablecoin licences after an initial target of late March; as of early April regulators had not issued any licences and provided no updated timeline ^{[1] [2]}.

The Hong Kong Monetary Authority and other regulators are taking a cautious stance, tightening compliance requirements and flagging anti‑money‑laundering (AML) concerns as a reason for the postponement, with reports noting potential for stricter KYC rules ^{[2] [3] [4]}.

Coverage indicates 36 applications — including submissions from major banks — were filed but the licensing process has not yet begun, leaving applicants without a confirmed timeline for approvals ^{[4] [3]}.

Regulators have signalled a more cautious, compliance‑focused review but have not announced when approvals will resume, keeping the sector in a holding pattern ^[1].