Hong Kong issues stablecoin licences

Hong Kong has issued its first stablecoin licences, approving HSBC and Anchorpoint Financial under the city’s new digital-currency law. (hkma.gov.hk) The Hong Kong Monetary Authority said on April 10 that the licences took effect that day and cover issuing stablecoins in Hong Kong under the Stablecoins Ordinance. (info.gov.hk) Anchorpoint Financial is a joint venture backed by Standard Chartered, Animoca Brands and Hong Kong Telecommunications, while HSBC’s licensed entity is The Hongkong and Shanghai Banking Corporation Limited. (theblock.co) A stablecoin is a digital token designed to hold a fixed value against money such as the Hong Kong dollar or United States dollar. Hong Kong’s law treats fiat-referenced stablecoins as a regulated activity, so issuers now need a licence instead of operating outside the banking rulebook. (hkma.gov.hk) The ordinance took effect on August 1, 2025, after Hong Kong’s Legislative Council passed it on May 21, 2025. The law gives the Monetary Authority supervisory, investigative and enforcement powers over stablecoin activity. (davispolk.com) (elegislation.gov.hk) The Hong Kong Monetary Authority said licensed issuers must meet rules on reserve backing, redemption, governance and anti-money-laundering controls. The regulator published the final guidelines for those requirements on July 29, 2025, days before the regime started. (info.gov.hk) Hong Kong had signaled it would start with only a small number of approvals, and the first batch went to firms tied to large financial groups rather than open public-chain crypto startups. Reuters reported that the licences cover fiat-backed stablecoins and mark a push to route digital money through supervised channels linked to banks and trade finance. (reuters.com) South China Morning Post quoted Hong Kong Monetary Authority deputy chief executive Darryl Chan saying the first two applicants had experience in traditional finance and risk management. That fits the regulator’s stated goal of linking digital tokens to payment systems with redeemable backing and formal oversight. (scmp.com) The next test is whether these licensed issuers can move stablecoins from policy into daily use in payments, settlement and trade. For now, Hong Kong’s opening move is clear: the first seats went to institutions already inside the regulatory perimeter. (hkma.gov.hk)