The Hong Kong government has granted its first stablecoin issuer licenses to a group led by HSBC and a Standard Chartered-led joint venture, Anchorpoint Financial, which includes Animoca Brands, in a move that marks the beginning of a new era in the city's financial sector. The approvals, made by the Hong Kong Monetary Authority, the territory's central bank, are the first under the Stablecoins Ordinance, which took effect in August 2025. According to HKMA chief executive Eddie Yue, the authority looks forward to the licensed issuers launching their businesses and exploring growth opportunities while managing risks.
The move is expected to create value for individuals and businesses and support the development of digital assets in Hong Kong. The HKMA had received 36 applications and had signaled that the initial round would be limited, with the regulator prioritizing risk management, reserve quality, and anti-money-laundering controls. The decision to license note-issuing banks first appears to be deliberate, given their long history of issuing currency in Hong Kong.
The licenses come with strict know-your-customer frameworks, requiring identity verification for wallet owners and restricting transfers above a certain threshold. The development reflects the HKMA's decision to deprioritize its central bank digital currency for retail use, instead focusing on stablecoins as a medium of exchange.
The move is seen as a significant development in the city's fintech landscape, with the potential to lay the foundation for a new era of digital trade settlement.