In force · Effective · Applies to Stablecoin issuers, Banks
The HKMA granted stablecoin issuer licences under the Stablecoins Ordinance to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited, effective the same day. Both plan to launch within a few months. They are the first licences since the Ordinance took effect on 1 August 2025.
Why it matters: Hong Kong's first licensed stablecoins will come from banks, which sets the tone for who the regime is built for.
The Monetary Authority granted two licences under the Stablecoins Ordinance (Cap. 656). The licences took effect on 10 April 2026, and the licensees said they intend to launch business “in the coming few months”. The HKMA keeps a public Register of Licensed Stablecoin Issuers, and it told the public to acquire and use stablecoins only through regulated channels.
Anchorpoint Financial is a joint venture of Standard Chartered Bank (Hong Kong), Hong Kong Telecom and Animoca Brands. HSBC is one of Hong Kong’s three note-issuing banks.
Implications
The regime went live in August 2025, and it took eight months to reach the first licences. Two licences, both with a large bank behind them, confirm the HKMA’s stated plan to start with a very small number of issuers. Firms without a bank partner should read this as the bar for the first round.
The licences matter more for what they unlock than for the stablecoins themselves. Hong Kong rules elsewhere give “Relevant Stablecoins”, those issued by a licensed issuer, lighter treatment. On 27 May the SFC and HKMA exempted them from the token liquidity tests that apply to other crypto assets, and removed them from client exposure limits. The SFC’s perpetual contracts framework lets platforms accept them as margin. Each of those concessions only applies once a licensed stablecoin exists, and these are the first two issuers.
The press release does not name currencies, chains or launch dates. Those will come from the issuers.
Elsewhere in Asia
Singapore finalised its stablecoin policy in 2023 but only began consulting on the legislative amendments in September 2026. Hong Kong has the law, the licensees and a register. Singapore’s proposal to recognise a limited number of foreign-regulated stablecoins could, in time, cover Hong Kong’s.
What to watch
The launch of the first licensed stablecoin, its currency and the chain it is issued on. Also whether a third licence follows, and whether it goes to an issuer without a bank shareholder.
This rule so far
: HKMA grants the first stablecoin issuer licences to Anchorpoint and HSBC