The Hong Kong Monetary Authority has issued its first stablecoin licenses to HSBC and Anchorpoint Financial, a joint venture led by Standard Chartered that includes Animoca Brands, marking a significant milestone in the territory's financial landscape. According to the HKMA chief executive, Eddie Yue, the move is expected to promote the growth of digital assets while ensuring proper risk management. The decision follows an assessment of 36 applications, with the regulator emphasizing the importance of risk management, reserve quality, and anti-money-laundering controls.
The licensed banks will operate under one of the world's strictest know-your-customer frameworks for digital money, requiring identity verification for wallet owners and restricting transfers above a certain threshold. The development reflects Hong Kong's shift in focus from central bank digital currencies to stablecoins, with the potential to carve out a role in regional trade settlement.