The Hong Kong Monetary Authority said on Wednesday it received formal stablecoin license applications from 36 institutions by September 30, nearly half of the 77 expressions of interest recorded in August.

Applicants included banks, technology firms, securities and asset management companies, e-commerce platforms, payment service providers, as well as startups and Web3 enterprises.

The HKMA spokesperson stated that the authority will review all submitted materials and conduct approvals in accordance with the Stablecoin Ordinance and relevant regulatory requirements.

The HKMA aims to announce the first batch of licensed stablecoin issuers early next year, noting that the licensing bar is set high and only a limited number of licenses will be granted in the initial phase.

The Stablecoin Ordinance took effect in August.

The HKMA had previously indicated that institutions which felt fully prepared and wished to be considered for licensing at an early stage should submit their applications by September 30.

In a September 1 update, the HKMA reported receiving 77 EOI during August, though it does not disclose the list of institutions that have expressed interest or formally applied.

Sources: The Standard