Hong Kong has issued its first stablecoin issuer licenses, approving Anchorpoint Financial and the Hongkong and Shanghai Banking Corporation under a new regulatory framework overseen by the Hong Kong Monetary Authority (HKMA). 

The HKMA announced the initial batch of licensees on Friday, marking the first approvals under its stablecoin regime. 

Anchorpoint Financial is the stablecoin joint venture formed by Standard Chartered Bank (Hong Kong), Animoca Brands and Hong Kong Telecommunications. The Hongkong and Shanghai Banking Corporation Limited is HSBC’s Hong Kong-based banking entity and one of the city’s three note-issuing banks.

The announcement comes after weeks of unconfirmed reports about potential licensees and a missed March timeline, marking a cautious start to Hong Kong’s stablecoin licensing rollout.

Cointelegraph reached out to the HKMA for more information, but had not received a response by publication. 

Hong Kong rolls out stablecoin regime after delays

Hong Kong’s stablecoin framework took effect in August 2025, requiring issuers of fiat-referenced stablecoins to obtain a license from the Hong Kong Monetary Authority and comply with rules on reserve backing, redemption, local presence and anti-money laundering (AML) controls. 

It also gives the regulator power to investigate violations and take enforcement action, including fines, suspensions and license revocations. The HKMA previously said it had implemented a six-month transition period, which started on Aug. 1, 2025.

The first approvals come after Hong Kong missed an earlier March target for awarding the licenses. On Feb. 2, HKMA Chief Executive Eddie Yue said only a “very small number” of issuers would be approved in the first batch. In a Reuters report, the regulator said it would approve the first batch of licenses in March. 

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On April 1, the HKMA said it was actively advancing the licensing process after missing its earlier March timeline.

Earlier media reports also pointed to possible frontrunners. On March 13, HSBC and a Standard Chartered-backed venture were tipped as likely recipients, but the regulator did not verify the names at the time. 

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