Eight months after Hong Kong’s Stablecoin Ordinance took effect, two issuers were given the green light to conduct business
2-MIN READ2-MIN ListenEnoch YiuPublished: 5:09pm, 10 Apr 2026HSBC and a consortium led by Standard Chartered have been awarded Hong Kong’s first stablecoin issuer licences, marking the city’s latest step towards embracing cryptocurrency’s most-traded cash substitute in its bid to become a global digital asset hub.
The announcement came later than initially expected, with industry players attributing that to a slower-than-expected review process.
“The delay itself is manageable as a few weeks for tighter controls is not a dealbreaker,” said David Chang, founder and CEO of venture capital firm MindWorks.
The small number of established players reflects the city’s stringent approach to regulating stablecoins – cryptocurrencies typically pegged to a fiat currency or other reference assets – as it seeks to prevent destabilisation of financial systems amid the easier flow of money enabled by blockchain technology.
Anchorpoint Financial, a joint venture formed by Standard Chartered Bank, Animoca Brands and Hong Kong Telecommunications, received a licence to conduct regulated activities for its stablecoins pegged to the Hong Kong dollar.
