The financial regulatory authorities in Hong Kong are implementing an innovative stablecoin licensing mechanism, using an invitation application system. It is reported that the regulatory agency will proactively communicate with potential applicants to assess their basic qualifications. Notably, applicants must provide clear application scenarios, which have become a key condition for obtaining application eligibility.

Currently, this initiative has attracted widespread attention, with reports indicating that more than 50 companies have expressed their intention to apply, including central enterprises, financial institutions, and well-known internet companies from mainland China. This indicates that Hong Kong is taking an important step in cryptocurrency regulation, aiming to establish a regulatory environment that fosters innovation while ensuring market stability.

This move reflects Hong Kong's determination to seize the initiative in the global cryptocurrency regulatory wave. However, there are also views that this policy comes a bit late, potentially missing some first-mover advantages. Nevertheless, Hong Kong's actions will undoubtedly provide a more regulated and reliable environment for the development of cryptocurrencies and stablecoins, and are expected to attract more international fintech companies to enter the Hong Kong market.

With the advancement of this policy, the industry generally expects Hong Kong to achieve a balance between protecting investors' interests and promoting financial innovation, providing a new reference model for global cryptocurrency regulation.