HKMA Grants First Hong Kong Stablecoin Licenses to HSBC, Standard Chartered-Backed Anchorpoint
First Approvals Under 2024 Ordinance
The Hong Kong Monetary Authority (HKMA) has awarded the region’s first stablecoin issuer licenses to HSBC and Anchorpoint Financial Limited. The April 10, 2026, announcement enforces the operational phase of the region’s regulated digital asset sector, concluding a rigorous review process that evaluated 36 distinct applications.
The licensing implements the legal framework passed by Hong Kong’s Legislative Council in May 2024. Under the stablecoin ordinance, any entity issuing fiat-referenced stablecoins within the jurisdiction or managing tokens pegged to the Hong Kong dollar (HKD) must hold an active HKMA license.
Joint Ventures and Market Participants
While earlier reports projected the local digital asset exchange OSL as a direct inaugural recipient, the official HKMA mandate awarded the license to Anchorpoint Financial. This entity is a corporate joint venture comprising Standard Chartered Bank, Hong Kong Telecommunications (HKT), and Animoca Brands.
The selection of a major commercial bank alongside a corporate-backed joint venture reflects the HKMA’s strategy to enforce traditional financial oversight standards on the asset class. Operating without this regulatory approval now carries strict penalties, including financial fines and potential imprisonment.
Operational and Compliance Mandates
The approved entities are currently executing pre-launch compliance procedures. Regulatory requirements dictate that the licensees must establish audited custody solutions and maintain 1:1 reserves in high-quality, liquid assets completely segregated from standard corporate funds.
The HKMA deliberately delayed this final announcement from an initial March 2026 target to conduct deeper anti-money laundering (AML) and risk framework evaluations. Following these definitive approvals, the licensed entities are projected to begin issuing stablecoins between mid-2026 and the fourth quarter of the year.
Market distribution will follow a strict, phased rollout. The licensees are expected to restrict initial access to institutional and corporate treasury clients before expanding to public retail markets.
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