Hong Kong grants stablecoin licenses to HSBC, StanChart joint venture

The Hong Kong Monetary Authority announced today that the Monetary Authority has granted stablecoin issuer licences under the Stablecoins Ordinance to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited for issuing stablecoins in Hong Kong. The licences take effect today. According to the licensees’ business plans, they intend to complete the necessary preparation work and launch business in the coming few months. Eddie Yue, Chief Executive of the HKMA, said, “The granting of stablecoin issuer licences is an important milestone for the development of digital assets in Hong Kong. The regulatory regime provides an orderly operating environment for stablecoin issuers to apply innovative technologies while ensuring robust user protection and effective risk management, which will foster the development of a healthy, responsible, and sustainable stablecoin ecosystem. We look forward to the issuers launching business according to their plans, exploring growth opportunities while properly managing risks. We hope their promotion of regulated stablecoins will address pain points in financial and economic activities, create values for both individuals and businesses, and support the healthy development of digital assets in Hong Kong.”