After Two Years, 36 Applicants Narrowed Down to 2! Hong Kong's First Batch of Stablecoin Licenses Issued, HSBC and Standard Chartered Among the Winners
- Core View: On April 10, the Hong Kong Monetary Authority (HKMA) issued the first batch of stablecoin issuer licenses to HSBC Bank and Anchor Fintech, marking the formal implementation of Hong Kong's stablecoin regulatory framework and laying the foundation for the healthy development of Hong Kong's digital asset ecosystem.
- Key Elements:
- The HKMA's first stablecoin licenses were granted to HSBC Bank and Anchor Fintech, a joint venture established by Standard Chartered, Hong Kong Telecom, and others. Regulated stablecoins are expected to launch between mid-2025 and the second half of the year.
- The licensing process spanned two years, including the launch of a sandbox in March 2024, the enactment of the Stablecoin Ordinance in August 2025, and a review process that narrowed down from over 70 interested institutions to 36 final applications.
- The market experienced a surge in interest around concepts like RWA in the second half of 2025, but subsequent regulatory cooling of business rhetoric led some mainland Chinese and internet companies to pause their plans, reflecting a prudent and measured regulatory approach.
- HKMA Chief Executive Eddie Yue emphasized that licensing is "aimed at safety," with the initial batch being small to provide an orderly environment, manage risks, and protect user rights.
- The issuance of licenses is seen as a crucial step for Hong Kong towards becoming an international digital asset hub. It is expected to inject vitality into practical application scenarios such as cross-border payments and digital securities, ushering in a new phase for stablecoin development in Hong Kong.
Original | Odaily (@OdailyChina)
Author | Golem (@web3_golem)
Hong Kong's first batch of stablecoin licenses has finally been issued.
At 5 PM on April 10th, the Hong Kong Monetary Authority (HKMA) announced that the first batch of stablecoin issuer licenses has been granted to two institutions: HSBC and Anchor Financial Technologies Limited (a joint venture established by Standard Chartered Bank (Hong Kong) Limited, HKT Limited, and Ant Group). The HKMA also stated that, according to the current business plans of the two institutions, regulated stablecoins in Hong Kong are expected to be launched successively from mid-year to the second half of this year.
Mr. Eddie Yue, Chief Executive of the HKMA, said: "The issuance of stablecoin issuer licenses is a significant milestone in the development of digital assets in Hong Kong. The regulatory regime provides an orderly operating environment, enabling stablecoin issuers to apply innovative technology while properly safeguarding user rights and managing related risks, fostering the healthy, responsible, and sustainable development of Hong Kong's stablecoin ecosystem. I look forward to the issuers commencing their business as planned, actively exploring development opportunities and promoting the application of compliant stablecoins while effectively managing risks, addressing pain points in financial and economic activities, creating value for citizens and enterprises, and driving the healthy development of Hong Kong's digital assets."
Previously, it was reported that the HKMA had completed the final review of the first batch of applications in mid-March 2026. The HKMA received a total of 36 applications, with plans to issue 2-3 licenses in the first batch, adhering to strict regulatory standards. OSL Group (863.HK) was previously considered a strong contender for a license but unfortunately was not selected today.
OSL Group stated today that it welcomes the Hong Kong Monetary Authority's issuance of the first batch of stablecoin issuer licenses under the "Stablecoin Ordinance" and will continue to work closely with all stakeholders to actively participate in the ecosystem development of compliant stablecoins in Hong Kong.
After Two Years, Hong Kong's Compliant Stablecoins Finally Land
The issuance of Hong Kong's first batch of stablecoin licenses marks a new phase in the implementation of Hong Kong's stablecoin regulatory regime. However, the market has waited a full two years for this compliant stablecoin license to truly materialize, making it an achievement reached after a delicate balancing act between financial innovation and regulatory security in Hong Kong.
Rewinding to two years ago, in March 2024, the Hong Kong Monetary Authority (HKMA) officially launched the "Stablecoin Issuer Sandbox Arrangement." This was a crucial starting point for Hong Kong's stablecoin regulation moving towards practical implementation. The market saw Hong Kong regulators' open attitude towards crypto finance, attracting applications from multiple institutions, including traditional financial giants and native Web3 enterprises, to participate in the sandbox experiment.
In July of the same year, after a four-month review, the HKMA announced the sandbox participants. Five institutions, including JD Coin Chain Technology (Hong Kong) Limited, RD Technologies Limited, Standard Chartered Bank (Hong Kong) Limited, Ant Group Co., Limited, and HKT Limited, were granted participation eligibility. Market expectations were ignited because this indicated that Hong Kong's stablecoin regulation had entered the stage of specific institutional testing and regulatory磨合 (磨合 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