Hong Kong regulators are adopting a highly selective approach to stablecoin licensing, confirming that only a few licenses will be granted initially despite receiving expressions of interest from over 77 firms. The Hong Kong Monetary Authority (HKMA) has set a September 30 deadline for applications, with the first approvals expected in early 2026.
Major institutions including ICBC (Asia), Bank of China (Hong Kong), Standard Chartered, HSBC, and PetroChina are among the applicants. Standard Chartered has formed a joint venture called Anchorpoint Financial with HKT and Animoca Brands to pursue licensing. Legislators emphasized that rising demand does not guarantee approval, with one lawmaker suggesting only one firm may be approved in the first batch.
The cautious stance comes as authorities reported 265 complaints related to digital asset crimes in the first half of the year, with stablecoin activity flagged as a growing concern. The new regulatory framework, which took effect on August 1, 2025, requires strict KYC/AML checks, reserve backing, and redemption rights at par value.
