Hong Kong has taken a long-awaited and significant step in its cryptocurrency ecosystem. The Monetary Authority of Hong Kong (HKMA), the region's financial regulator, has officially granted its first stablecoin issuance licenses. According to the announcement, the first two institutions to receive licenses are HSBC and Anchorpoint Financial. It's noteworthy that Anchorpoint Financial is a venture formed through a partnership between Standard Chartered, Animoca Brands, and Hong Kong Telecommunications. The market had actually expected these licenses to be issued in the first quarter of the year. However, the HKMA chose to extend the process to allow for more detailed review of the applications. Additional clarity was requested on critical issues such as the transparency of reserve assets, anti-money laundering mechanisms, redemption processes, and how the system would function under stress scenarios. This led to the delay.
Following all these evaluations, as of April 10th, HSBC and Anchorpoint Financial were added to the list of licensed issuers under the Stablecoin Regulations. Thus, the regulated stablecoin era officially began in Hong Kong.
A new era for crypto assets
HKMA Chairman Eddie Yue emphasized in his statement that this development is a significant milestone for Hong Kong. Yue stated that the regulatory framework created will both encourage the use of innovative technologies and ensure user protection. He also pointed out that establishing a robust structure in terms of risk management will contribute to a sustainable stablecoin ecosystem in the long term.
The licensed institutions are expected to complete the necessary technical and operational preparations in the coming months and begin their operations. During this process, companies will prioritize acting in full compliance with regulations and managing risks in a controlled manner. HKMA believes that this new era can eliminate some inefficiencies in financial transactions and create new areas of value for both individuals and institutions.
36 applications, second wave on the way
According to data previously shared by HKMA, a total of 36 applications have been received under the stablecoin licensing framework. This framework came into effect in August 2025 and mandated licensing for all companies wishing to issue stablecoins in Hong Kong. It was noteworthy that institutions with the authority to print banknotes in the city were prioritized in the granting of the first licenses. Established financial institutions like HSBC and Standard Chartered are therefore seen as prominent. On the other hand, it is stated that a second wave of applications is on the way. According to industry sources, companies such as Futu Securities and OSL Group are among the strong candidates that may receive licenses in the coming period.
The goal of becoming a crypto hub is strengthening
With the strategy it announced in 2022, the Hong Kong administration adopted a more open and regulated approach to the crypto sector. Within this scope, a licensing system for crypto exchanges was implemented, followed by special regulations for stablecoins. In addition, the stablecoin sandbox program, launched in 2024, allowed companies to test their products under regulatory supervision. This program contributed to both the development of technical infrastructure and the shaping of healthier regulations.
