The HKMA announced today the granting of stablecoin issuer licences to two entities by the Monetary Authority under the Stablecoins Ordinance, marking a new phase in the implementation of Hong Kong’s stablecoin regulatory regime. The licenced entities are Anchorpoint Financial Limited (a joint venture of Standard Chartered Bank (Hong Kong) Limited, Hong Kong Telecommunications (HKT) Limited and Animoca Brands Limited, hereinafter referred to as Anchorpoint) and The Hong Kong and Shanghai Banking Corporation Limited (HSBC).
The development of Hong Kong’s regulatory regime – from public consultation, legislative drafting and law making, to regime implementation and granting of licences – underscores the HKMA’s commitment to establishing a robust, risk-based and agile regulatory framework that adheres to the principle of “same activity, same risks, same regulation” and aligns with international regulatory standards. This ensures financial stability, combats money laundering, and protects investors, while allowing for timely and targeted adjustments to regulatory requirements in response to evolving global regulatory trends and market developments. The overarching objective is to enable regulated stablecoins to play a constructive role across diverse use cases, effectively addressing pain points in the real economy and financial activities.
Assessment of licence applications
The HKMA received applications from a total of 36 entities as the first batch of applications by the deadline of 30 September 2025. The HKMA’s licensing team has worked relentlessly over the past six months to thoroughly review each and every application with respect to the specific requirements set out in the Ordinance. The team also engaged with applicants to seek clarification and additional information as necessary to ensure a rigorous and fair process.
The HKMA has all along emphasised the need to maintain high standards for licencing with specific focus on two areas, namely, (1) an applicant’s capability and experience in risk management as well as the commitment to comply with relevant rules and regulations in Hong Kong and other jurisdictions; and (2) the ability to propose distinct use cases with viable business plans. Among the 36 applications, licences are granted to Anchorpoint and HSBC which have demonstrated their capabilities to properly manage risks with credible use cases and development plans, in addition to meeting the relevant licensing requirements under the Ordinance.
Use cases and strategic priorities
In the initial phase, both licenced issuers plan to issue Hong Kong Dollar (HKD)-referenced stablecoins. The key business plans, use cases, and strategic priorities are summarised as follows —
- Cross-border payments: Unlocking the potential of stablecoins by leveraging the issuers’ extensive global networks and business partnerships to offer efficient, transparent, and cost-effective cross-border payment solutions for corporates and individuals, while adhering to rules and regulations in relevant jurisdictions;
- Local payments: Capitalising on existing business infrastructure and customer bases to accelerate stablecoin adoption in Hong Kong, while delivering secure, fast, and seamless transaction and settlement experiences for individuals and merchants;
- Tokenised asset trading: Enabling real-time on-chain transactions, enhancing market liquidity, and facilitating collateral management, all made possible by the use of regulated stablecoins as settlement instruments for tokenised asset trading; and
- Innovative use cases: Harnessing the programmability of stablecoins to explore innovative use cases such as conditional payments, supply chain financing, etc.
Both issuers have strong banking background and are actively involved in HKMA’s pilot projects on central bank digital currencies (CBDC) and tokenised deposits. The experience would provide them with a deeper understanding of the functional capabilities and potential use cases of the various forms of digital currencies, enabling them to explore new possibilities for the “future of payment”. One of the issuers is a joint venture consisting local telecommunications, payments, and digital asset firms, creating synergy for the regulated stablecoins. As their operations gain solid footing, both issuers plan to further drive the adoption of regulated stablecoins through expanded collaborations with ecosystem partners, broadening the range of use cases, exploring new overseas markets and referencing additional fiat currencies in the future, taking into account other factors such as operational and market conditions, and global regulatory developments.
Risk management measures
Licenced issuers are required to implement robust and comprehensive policies and risk management measures in accordance with the supervisory requirements. These cover the management and safekeeping of fiat reserve assets, price stabilisation mechanisms, redemption arrangements and technology risk mitigations. The issuers are also required to establish robust anti-money laundering controls, including the use of blockchain analytics tools in day-to-day operations to detect suspicious transactions and take follow-up actions as and when appropriate. In addition, issuers are required to verify the identity of stablecoin holders—either directly by themselves or through reliable third-parties—to ensure effectiveness of the monitoring measures. Both licenced issuers have demonstrated in their applications their capabilities in complying with and implementing these measures.
Follow-up work
Prior to the official launch of regulated stablecoins, the licenced issuers must complete their preparatory work, such as the testing of technology platforms and systems, and the implementation of risk management measures and human resources arrangements. Based on the current business plans as proposed by the licenced issuers, we expect regulated stablecoins in Hong Kong to be launched in mid to second half of this year.
Upon the rollout of the regulated stablecoins, the HKMA will conduct ongoing supervision through on-site examinations, off-site reviews, independent assessments and direct communications with senior management teams of licensees to ensure the effective compliance with relevant regulatory requirements, taking into account licensees’ specific business model and risk profile. Ongoing evaluations of business progress against the plans submitted will be carried out to ensure fulfilment of policy objectives of the licensing regime.
Meanwhile, the HKMA will continue to engage the remaining applicants and those considering to apply for a licence. All applications will be assessed against the same consistent standards in accordance with the Ordinance. Regarding the granting of additional licences and related timing, we adopt an open yet prudent stance, with no definitive inclination at this stage. That said, it should be emphasised that given the risk inherent in stablecoin activity, the need for user protection, and considerations of market capacity and sustainable development, the licensing threshold will remain high. Should additional licences be granted in future, the overall number will remain very limited. The effectiveness and market reception of the two licensees’ business will also provide valuable insights that inform us in our overall evaluation.
Looking ahead, we anticipate greater regulatory clarity as more overseas jurisdictions formulate their stablecoin regulatory frameworks. Key issues concerning the operation of stablecoins and risk management framework, such as the regulation of multi-jurisdictional stablecoin issuers, are being actively debated at leading international forums, including the Financial Stability Board, and among global regulators. The HKMA will continue to actively contribute to these discussions, sharing Hong Kong’s practical experience in implementing regulatory regimes, and review our regulatory framework from time to time, taking into account international trends and our own supervisory experience. Our goal is to lay a solid foundation for Hong Kong as a leading digital financial hub, while promoting a stablecoin regulatory regime that strikes the right balance between innovation and prudent oversight.
Hong Kong Monetary Authority
Chief Executive
Eddie Yue
10 April 2026
