In a landmark move, Hong Kong has granted licenses to two major institutions, HSBC and Anchorpoint Financial, a joint venture led by Standard Chartered and including Animoca Brands, to issue stablecoins. This decision, made by the Hong Kong Monetary Authority (HKMA), the territory's central bank, represents the first batch of approvals under the Stablecoins Ordinance, which came into effect in August 2025. According to HKMA chief executive Eddie Yue, "The newly licensed issuers are expected to launch their businesses as planned, exploring growth opportunities while properly managing risks." The regulator assessed 36 applications and prioritized risk management, reserve quality, and anti-money-laundering controls.
The licenses are subject to strict regulations, including a strict identity regime and know-your-customer (KYC) framework, which requires identity verification for wallet owners and restricts transfers above a certain threshold. This approach reflects the HKMA's decision to focus on stablecoins rather than central bank digital currency (CBDC) for retail use. The move is seen as an attempt to establish Hong Kong as a hub for digital trade settlement, leveraging the potential of regulated, bank-issued stablecoins.