Hong Kong has missed its March deadline for issuing its first stablecoin licences, with regulators saying the process is still ongoing.
The Hong Kong Monetary Authority said it is advancing licensing reviews but did not provide a revised timeline, while no issuers have yet been approved.
The regulator said it is “actively taking forward the licensing matter and will announce further details in due course.”
Authorities are expected to approve only a small number of issuers initially, focusing on risk management, anti-money laundering controls and asset backing.
The framework requires stablecoins to be fully backed by high-quality reserves, with redemptions processed within one business day.
Following the announcement the Hong Kong stablecoin rollout timeline remained uncertain.
The delay comes as Hong Kong aims to position itself as a global crypto and fintech hub through strict but comprehensive regulation.
Regulatory pressure from mainland China has also influenced the rollout, with some major firms pausing plans amid concerns over privately issued digital currencies.