Hong Kong Monetary Authority Grants First Batch of Stablecoin Licenses
The Asian city's central bank has awarded its first licenses to HSBC and a Standard Chartered-backed joint venture.
The Hong Kong Monetary Authority (HKMA) has issued its first batch of licences for fiat-backed stablecoins issuers.
What's the Scoop?
- Licensed Issuers: Hong Kong's central bank has granted stablecoin issuance licenses to HSBC, a leading global financial institution anchored in Hong Kong, and Anchorpoint Financial, a Standard Chartered-led joint venture with participation from crypto VC
Animoca Brands and Hong Kong Telecom. - Tight Standards: The HKMA reviewed 36 applications but approved only a select few, prioritizing novel use cases, sustainable business models, and robust compliance frameworks. Successful issuers must meet stringent AML/CTF requirements, and verify the identity of every stablecoin holder.
- Stablecoin Plans: According to a statement released by Animoca, Anchorpoint plans to launch its HKDAP stablecoin in phases beginning in the second quarter, and will work selected businesses to act as distributors to enable public access to its stablecoin. HSBC’s stablecoin, meanwhile, will be available across the bank’s mobile apps.
- Delayed Launch: The HKMA previously promised to issue its first stablecoin licenses by March, but missed this self-imposed deadline, without providing reason for the delay.
Jack Inabinet
Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.
