Hong Kong Signals Regulatory Shift With First Stablecoin Licenses Granted - Crypto Economy

TL;DR:

• Hong Kong granted its first stablecoin licenses to Anchorpoint Financial and the Hongkong and Shanghai Banking Corporation under the HKMA’s regulatory framework.
• Anchorpoint is a joint venture between Standard Chartered Bank’s local subsidiary, Animoca Brands, and Hong Kong Telecommunications.
• The stablecoin regime came into effect on August 1, 2025, and requires reserve backing, AML controls, and governance requirements from issuers.

Hong Kong granted its first stablecoin issuance licenses under the new regulatory framework supervised by the Hong Kong Monetary Authority (HKMA). The two approved entities are Anchorpoint Financial and the Hongkong and Shanghai Banking Corporation Limited, the local banking arm of HSBC and one of the three banks authorized to issue banknotes in the city.

The HKMA announced the first batch of licenses, marking the official debut of the fiat-referenced stablecoin regime. The regulatory framework establishes requirements on reserve backing, redemption mechanisms, governance standards, and anti-money laundering controls.

Anchorpoint Financial is the joint venture formed by Standard Chartered Bank, Animoca Brands and Hong Kong Telecommunications. The composition of the consortium combines traditional banking infrastructure with expertise in the digital assets ecosystem.

Hong Kong: a Regime With Ambitions of Its Own

The profile of the first approved entities reveals the regulator’s orientation: in the initial phase, the HKMA appears to prioritize issuers with solid institutional backing or direct ties to established banking entities.


The path to final approval navigated every kind of obstacle Eddie Yue, chief executive of the HKMA, had anticipated in February that a very small number of issuers would receive licenses during March, a deadline the authority was unable to meet. It was not until April 1 that the HKMA confirmed the licensing process was still underway. The names of HSBC and the Standard Chartered joint venture had already been circulating as likely candidates since mid-March, though the regulator had not officially confirmed them until today’s announcement.

Hong Kong’s stablecoin regime came into effect on August 1, 2025 and grants the HKMA the authority to investigate violations and impose sanctions ranging from fines to license revocation. According to the authority, the approved issuers are expected to launch their operations in the coming months.