TechFlow News, March 11: According to the Hong Kong Economic Journal, Hong Kong’s first batch of stablecoin licenses is expected to be issued after the conclusion of China’s National People’s Congress (NPC) session in Beijing, with fewer than four licenses granted. Industry sources indicate that RD Technologies (Round Coin Technology), a firm that participated in the Hong Kong Monetary Authority’s (HKMA) stablecoin issuer “sandbox” testing program and founded by former HKMA Chief Executive Norman Chan, did not secure a license in this first round.
The HKMA previously revealed that it had received 36 stablecoin license applications in the initial round but emphasized that the number of licenses granted in the first batch would be limited, prioritizing prudence and stability. Market reports collectively suggest that the Hong Kong government expects to issue two to three stablecoin licenses.
