In a landmark decision, Hong Kong has granted its first two stablecoin issuer licenses to HSBC and Anchorpoint Financial, a joint venture led by Standard Chartered that includes Animoca Brands. This move marks the first batch of approvals under the Stablecoins Ordinance, which came into effect in August 2025. According to HKMA Chief Executive Eddie Yue, the authority looks forward to the licensed issuers launching their businesses, exploring growth opportunities while managing risks.
The decision to license these entities first appears to be deliberate, given that HSBC and Standard Chartered are two of only three commercial banks authorized to print Hong Kong dollar banknotes. The licenses come with one of the world's strictest Know Your Customer (KYC) frameworks for digital money, requiring licensed stablecoins to be transferred only to wallets whose owners have been identity-verified. This strict regime reflects the HKMA's emphasis on risk management, reserve quality, and anti-money-laundering controls. The development also highlights Hong Kong's decision to deprioritize its central bank digital currency for retail use, instead focusing on a bank-led stablecoin model.
This move is seen as a significant step in promoting regulated stablecoins and supporting the healthy development of digital assets in Hong Kong.