The HKMA has begun rolling out its licensed digital asset framework.
Authorities formalise oversight of stablecoin issuance in Hong Kong
Photo Credit: Unsplash/ Truong Tuyet Ly
Hong Kong has granted its first Stablecoin issuer licences to HSBC and Anchorpoint Financial, which is a Standard Chartered-led joint venture that includes Animoca Brands. The approvals by the territory's central bank, called the Hong Kong Monetary Authority (HKMA), mark the first batch under the Stablecoin Ordinance, which came into force in August 2025. The first approvals highlight Hong Kong's cautious approach, as regulators have shown more trust in bank-linked and institution-backed issuers in the opening phase of this new regime.
The Hongkong and Shanghai Banking Corporation Limited is HSBC's Hong Kong-based banking entity and one of the city's three note-issuing banks; meanwhile, Anchorpoint Financial is the stablecoin joint venture formed by Standard Chartered Bank, Animoca Brands, and Hong Kong Telecommunications. A stablecoin regime already came into effect last year, and requires issuers of fiat-referenced stablecoins to obtain an HKMA licence and meet rules covering reserve backing, redemption, governance, and Anti-Money Laundering controls. Hence, the decision to give stablecoin issuance rights to both the note-issuing banks appears to be deliberate.
The Chief Executive of the HKMA, Mr Eddie Yue, called the granting of stablecoin issuer licences an important milestone and further added, “The regulatory regime provides an orderly operating environment for stablecoin issuers to apply innovative technologies while ensuring robust user protection and effective risk management, which will foster the development of a healthy, responsible, and sustainable stablecoin ecosystem. We look forward to the issuers launching business according to their plans, exploring growth opportunities while properly managing risks.”
He also hoped that this promotion of stablecoins would address the necessary concerns in financial and economic activities, creates values for individuals and businesses in Hong Kong.
The HKMA went through a lot of delays before this decision was confirmed. Earlier this month, the organisation said it was actively advancing the licensing process after missing its earlier March timeline. This delay raised concerns about the pace of the city's crypto regulatory push, even as authorities position Hong Kong as a global digital asset hub.
In March, there was also speculation that HSBC and a Standard Chartered-backed venture would be the first recipients, but the regulators had not confirmed any names until now.
The largest stablecoins by market cap are dollar-pegged as per the data by CoinGecko, while no euro or yen-pegged tokens have been able to break through these ranks. This move shall bring about some change in this market. The question that stands is whether a non-dollar stablecoin will be able to build a market that will have the wheels to compete? No matter how tight the regulatory oversight is.
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