Hong Kong grants stablecoin licences to HSBC and Anchorpoint

Hong Kong Monetary Authority chief executive Eddie Yue said on 10 April that the regulator had granted stablecoin issuer licences to HSBC and Anchorpoint Financial. Anchorpoint is a joint venture involving Standard Chartered Bank Hong Kong, HKT and Animoca Brands. The HKMA said it had received 36 applications in the first batch and selected the two issuers after assessing risk management and viable business plans. HKMA licensing account.

At the time of licensing, both companies planned to begin with Hong Kong dollar-referenced stablecoins. Their proposed uses included local and cross-border payments and settlement for tokenised assets. Yue said issuers still needed to complete technology testing, risk controls and staffing preparations before launching tokens. The account also describes reserve management, redemption arrangements and identity checks as regulatory requirements. The April licences precede the launch of circulating tokens. The HKMA’s explanation makes preparation and ongoing supervision part of the process after a licence is granted. HKMA licensing account.