Hong Kong Approves First Stablecoin Issuers: HSBC and SCB

The HKMA has granted the first stablecoin licenses to HSBC and a Standard Chartered-led venture, marking a major step for Hong Kong's crypto strategy.

The Hong Kong Monetary Authority (HKMA) has confirmed that The Hongkong and Shanghai Banking Corporation Limited (HSBC) and Anchorpoint Financial—a joint venture between Standard Chartered, Animoca Brands, and Hong Kong Telecommunications—are the first approved issuers under the new regulatory regime.

These licenses take effect on April 10, marking the official start of a regulated stablecoin market in the region.

Strict Oversight Prior to Approval

While licenses were initially expected to be issued as early as the first quarter, the regulator extended the process to demand more detailed information from applicants.

The HKMA focused specifically on:

• Transparency of reserve assets.
• Redemption mechanisms.
• Anti-money laundering (AML) measures.
• Resilience during market shocks.

This rigorous approach highlights the authorities’ intent to mitigate the risks observed in previous global stablecoin project failures.

A Core Element of Hong Kong’s Crypto Strategy

The licensing regime is a key component of Hong Kong’s broader ambition to position itself as a leading global hub for digital assets. Since 2022, authorities have been steadily building a regulatory framework that includes exchange licensing and clear rules for various crypto products.

Introducing stablecoin regulation completes this architecture, creating the necessary conditions for tokens to be utilized in the real economy—ranging from retail payments to corporate applications.

Significant Industry Interest

Interest in the new regime remains high. According to HKMA data, 36 license applications were submitted as early as February, with a second wave of candidates expected soon.

Potential participants mentioned include companies such as Futu Securities and OSL Group, which may join the subsequent stages of approval.

The regulator has already been testing the framework through a “stablecoin sandbox” introduced in 2024, allowing firms to develop and evaluate products under direct supervision.

Market Launch Expected in Coming Months

The newly approved companies plan to launch live operations in the coming months once they finalize preparations and ensure full compliance with regulatory requirements.

The HKMA stated that the objective is to foster a “sustainable and responsible” stablecoin ecosystem that simultaneously encourages innovation and ensures consumer protection.

The issuance of these first licenses in Hong Kong represents a pivotal moment for the global crypto sector, demonstrating how regulators aim to integrate digital assets into the traditional financial system. The success of this model will depend on the ability to balance strict control with enough flexibility for innovation—a dynamic that markets will be watching closely in the months ahead.