HSBC and the Standard Chartered-backed Anchorpoint Financial have been granted Hong Kong’s first stablecoin issuer licenses.
Summary
- The Hong Kong Monetary Authority has granted the first stablecoin issuer licenses to HSBC and the Standard Chartered-backed venture Anchorpoint Financial.
- These initial approvals follow several months of delays after the regulator missed its original target to begin the licensing process in March.
The Hong Kong Monetary Authority (HKMA) released the names of the successful applicants on Friday, signaling the start of a new era for regulated digital assets in the region.
Among the approved firms is HSBC, a dominant local note-issuing bank, alongside Anchorpoint Financial, which operates as a joint venture between Standard Chartered, Animoca Brands, and Hong Kong Telecommunications.
Oversight and enforcement standards
These approvals establish the first group of participants under a licensing regime that officially launched on Aug. 1, 2025.
Under this regime, stablecoin issuers are required to obtain an HKMA license by meeting specific rules, including those for reserve backing and guaranteed redemption paths for users. Other obligations include following strict governance protocols and Anti-Money Laundering (AML) measures to remain in good standing.
The Legislation also grants the regulator the authority to investigate potential violations and police the sector, including the authority to levy fines, suspend operations, or revoke licenses entirely if an issuer fails to meet its legal obligations.
The rollout follows a period of administrative delays that saw the regulator miss its original goals for the year. Back in February, HKMA Chief Executive Eddie Yue stated that a “very small number of issuers” would be licensed by March.
While that deadline passed without an announcement, the regulator stated on April 1 that it was actively moving the process forward to finalize the first batch of applicants.
Analysts had largely foreseen this outcome following mid-March reports that highlighted HSBC and the Standard Chartered-backed venture as the most likely recipients of the licenses.
