Hong Kong has approved its first stablecoin issuer licenses, with Anchorpoint Financial and The Hongkong and Shanghai Banking Corporation receiving authorization under a new framework managed by the Hong Kong Monetary Authority.

The announcement marks the first official approvals within the city’s stablecoin regime. Anchorpoint Financial is a joint initiative involving Standard Chartered Bank (Hong Kong), Animoca Brands and Hong Kong Telecommunications, while the Hongkong and Shanghai Banking Corporation represents HSBC’s local banking arm and is one of the region’s three note-issuing banks.

The initial licenses suggest a cautious rollout, with regulators prioritizing institution-backed and bank-affiliated entities in the early stages.

Regulatory framework emphasizes oversight and stability

The approvals follow weeks of speculation regarding potential licensees and come after the regulator missed an earlier March target for the first round of authorizations. Eddie Yue had previously indicated that only a limited number of issuers would be approved in the initial phase.

Hong Kong’s stablecoin framework, which took effect on Aug. 1, 2025, requires issuers of fiat-referenced stablecoins to obtain a license and comply with strict rules covering reserve backing, redemption mechanisms, governance standards and Anti-Money Laundering measures.

The framework also grants the HKMA authority to investigate breaches and enforce penalties, including fines, suspensions and license revocations. Yue emphasized that the system is designed to provide a structured environment for stablecoin issuers while maintaining strong safeguards.

Launch timeline and market implications

The newly licensed entities are expected to begin operations in the coming months, signaling the start of regulated stablecoin activity in Hong Kong. Earlier reports had already pointed to likely candidates. On March 13, both HSBC and a venture backed by Standard Chartered were mentioned as frontrunners, though no official confirmation had been provided at the time.

With these approvals now in place, Hong Kong is taking a measured step toward integrating stablecoins into its financial system, balancing innovation with regulatory control.

Sources:

https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/04/20260410-4/

https://cointelegraph.com/news/hong-kong-first-stablecoin-licenses-issued