ICBC Asia Signals Intention to Apply for Hong Kong Stablecoin License

Industrial and Commercial Bank of China (Asia) (ICBC Asia) has expressed its intention to apply for a stablecoin issuer license in Hong Kong.

The move makes ICBC Asia the second major Chinese state-owned bank to step into the city’s regulated stablecoin framework, after Bank of China (Hong Kong) confirmed its own plans earlier.

The Hong Kong Monetary Authority (HKMA) has so far received 77 expressions of interest from institutions across banking, fintech, asset management, and Web3 sectors since the Stablecoin Ordinance came into effect on Aug 1.

While regulators have stressed that not all expressions of interest will translate into formal approvals, they have indicated that only a handful of licenses will be granted in the first phase, likely in early 2026.

ICBC Asia’s entry underscores growing involvement from China’s largest state-backed lenders in Hong Kong’s digital asset agenda. Market observers note that Bank of China (Hong Kong) and Standard Chartered’s Anchorpoint joint venture are among the frontrunners for the initial approvals, though ICBC Asia’s application could strengthen the presence of Chinese incumbents in the sector.

HSBC has also confirmed its interest in the licensing regime, though its focus remains more on tokenized deposits and asset tokenization rather than stablecoin issuance directly.

The HKMA reiterated that it will only issue a small number of licenses during the initial phase of the ordinance’s implementation and encouraged well-prepared institutions to file formal applications by the end of September. Officials emphasized that submitting an expression of interest or an application does not constitute approval, and warned the public against promotional activities tied to unlicensed stablecoins.

Hong Kong Legislative Council member Ng Kit-chong further noted that the framework is “very strict,” suggesting that possibly only one license could be issued early next year.

He added that the legislature also intends to advance rules for offline OTC digital asset transactions in 2026, highlighting that data assets such as Bitcoin are increasingly being adopted into national and corporate reserves worldwide.