Hong Kong’s monetary regulator has issued its first stablecoin issuer licenses to two bank-linked entities. The Hong Kong Monetary Authority approved Anchorpoint Financial and The Hongkong and Shanghai Banking Corporation under its new regulatory framework. This marks a cautious start to the licensing rollout, favoring institution-backed issuers in the initial phase.
Hong Kong has issued its first stablecoin issuer licenses, approving Anchorpoint Financial and The Hongkong and Shanghai Banking Corporation under a new regulatory framework overseen by the Hong Kong Monetary Authority (HKMA). The HKMA announced the initial batch of licensees on Friday.
Anchorpoint Financial is a joint venture formed by Standard Chartered Bank (Hong Kong), Animoca Brands and Hong Kong Telecommunications. The Hongkong and Shanghai Banking Corporation Limited is HSBC’s Hong Kong-based banking entity. The first approvals highlight Hong Kong’s cautious approach, favoring bank-linked issuers in the regime’s opening phase.
The announcement comes after weeks of unconfirmed reports and a missed March timeline. HKMA Chief Executive Eddie Yue said in February that a very small number of issuers would be licensed in March. Hong Kong’s stablecoin regime took effect on Aug. 1, 2025.
The regime requires issuers to obtain an HKMA license and meet rules covering reserve backing, redemption, governance and Anti-Money Laundering controls. It also gives the HKMA power to investigate violations and take enforcement action, including fines, suspensions and license revocations.
Yue said the new regime gives stablecoin issuers a regulated framework to operate in Hong Kong while requiring safeguards around user protection and risk management. The licensed issuers are expected to launch their operations in the coming months, according to the HKMA.
