2026April 10，The Hong Kong Monetary Authority (HKMA) officially announced and issued the first batch of stablecoin issuer licenses，This marks the transition of Hong Kong’s stablecoin regulatory system from legislation to practical implementation.。These licenses take effect immediately，Only 2 were approved，Previously, there were 36 applications，Very low pass rate，It fully embodies HKMA’s principle of “preferring shortage to excess”.、The regulatory principle of “safety first”。
List of approved institutions
According to the official HKMA licensing record book，The two institutions approved this time are:：
Anchorpoint Financial Limited
- license number： FRS01
- Depend onStandard Chartered Bank (Hong Kong)、Joint venture established by Hong Kong Telecom and Animoca Brands (Ansu Group)，Address is located in Central, Hong Kong。Plans to launch the Hong Kong dollar-pegged stablecoin "HKDAP" in phases in the second quarter of 2026，Adopt B2B2C business model，Reach a wider range of users through designated distributors。
The Hongkong and Shanghai Banking Corporation Limited
- license number： FRS02
- The address is located at 1 Queen's Road Central, Central, Hong Kong。Plans to launch Hong Kong dollar stablecoin in the second half of 2026，And connect to PayMe and mobile banking applications，Support person to person、Scenarios such as individual-to-merchant payment and subscription of investment products。
Both approved institutions are banks or bank-led joint ventures，Demonstrating Hong Kong’s supervision on reserve safety、Emphasis on risk management and traditional financial infrastructure。
36Enter 2：Rigorous screening under high threshold
HKMA received a total of 36 applications，Covered banks、technology companies、payment institution、Multiple entities such as Web3 companies，In the end, only 2 were approved，Far lower than the market’s earlier expectations of 2-5 pieces。This reflects the core logic of supervision：
- Strict admission standards： The applicant must be a company registered in Hong Kong (or a Hong Kong subsidiary of an authorized institution)，Core executives need to be based in Hong Kong；The minimum paid-in share capital is HKD 25 million (or 1% of the face value of the circulating stable currency，Whichever is higher)；100%Fully reserve asset support (high-quality and highly liquid assets，such as cash、short term deposits、government bonds)，Must be kept in segregated custody at a licensed bank or trust company in Hong Kong，and regularly audit and disclose。
- Redemption and Governance Requirements： Users can redeem stablecoins at face value within a reasonable time (usually 1 working day)；Prohibiting interest payments to stablecoin holders；Sound risk management needs to be established、Anti-Money Laundering (AML/CFT)、Technical Security and Governance Framework。
- business planning orientation： HKMA focuses on examining whether the applicant’s application scenarios are reasonable.、Can it bring actual value to Hong Kong’s financial ecosystem?，and overall risk management and control capabilities。
This high threshold ensures the stability and security of stablecoins，At the same time, it also allows banking institutions to stand out with their natural advantages.。
Regulatory background and timeline
- 2025August 1： Stablecoins Ordinance (Chapter 656)Formal implementation，Issuance of fiat-pegged stablecoins (FRS) becomes a regulated activity。
- 2025Before September 30th： Application window closes，A total of 36 applications were received。
- 2026April 10： The first batch of licenses were officially issued，Originally planned to be released in March，Slight delay due to prudential review。
HKMA emphasizes，Dealing cards is an ongoing process，More batches will be launched in the future based on market conditions.，But always adhere to high quality standards。at present，Only the above two are listed on the register of licensed stablecoin issuers.，The public can inquire in real time through the HKMA official website，Avoid contact with any unlicensed products。
Implications for industries and enterprises
The first batch of licenses have been issued，This means that Hong Kong is accelerating to build a stable currency hub in Asia.，Promote cross-border payments、RWA (Real World Asset) Tokenization、Innovative applications such as Web3 payment，At the same time, it is deeply integrated with the traditional financial system.。This is important for companies interested in deploying stablecoins or overseas financial licenses.，is an important signal：
- Banks and traditional financial institutions have obvious advantages，But if technology/Web3 companies can work with compliance partners，there is still room。
- Next batch of application window： Expected to remain open，Interested parties are advised to communicate with HKMA as early as possible，Well prepared business plan、Reserve plan and risk policy。
- Compliance is core： In the context of tightening global regulations，Licensed operation will become the threshold for competition。Unlicensed distribution or false advertising will face strict enforcement。
- Risk warning： Currently there are only two licensed institutions，Any promotion claiming to be “Hong Kong Stablecoin” or related investments，All need to be verified through official channels。When the public uses stablecoins，Regulated channels should be chosen，Prevent fraud。
The implementation of Hong Kong’s stablecoin regulatory system，Not only injecting new vitality into local digital finance，It also provides the world with a model of prudent innovation.。future，As more licensed issuers enter the market，Hong Kong’s competitiveness as an international financial center will be further enhanced。
Impact analysis on Web3 (core highlights)
Although the number of licenses issued this time is limited,，But it constitutes a milestone catalyst for Hong Kong’s Web3 ecology，can be summarized as "three major opportunities" + Two major challenges”：
Compliant stablecoins become the “base” of Web3 infrastructure
Licensed Hong Kong dollar stablecoin will provide a reliable anchor asset for the tokenization of RWA (real world assets)。Web3 projects can directly use compliant stablecoins for settlement、Liquidity provision and revenue distribution，Significantly reduces cross-border payment friction (traditional SWIFT vs.. Blockchain real-time settlement)。The entry of Animoca Brands，More means NFT、GameFi、Scenarios such as the Metaverse can seamlessly access stablecoin payment and value transfer，Promote "on-chain + off-chain" integration。
Attracting global Web3 institutions to accelerate their deployment in Hong Kong
Supervision clarity has been greatly improved，Institutional funds will enter with greater confidence。Stablecoins as the “pinnacle of compliance”，Will strengthen Hong Kong’s position as Asia’s Web3 hub：DeFi protocols can legally access the Hong Kong dollar stablecoin liquidity pool；Virtual asset trading platform can optimize On/Off Ramp；RWA projects (such as real estate、bonds、Carbon credit tokenization) will usher in a trillion-level trend。Comments from industry professionals，This move “establishes stablecoins as the core pillar of Hong Kong’s Web3 ecosystem”。
Deep integration and acceleration of TradFi and Web3
Joint venture model between bank licensed entity + Web3 native player (Animoca)，Be the best example。Pure Web3 companies do not need to build bank-level reserve and compliance systems from scratch，Quick entry through cooperation。More batches of licenses in the future will further open up the imagination space of "Web3 + traditional finance"，Help Hong Kong lead the global stablecoin competition。
Official inquiry channel：
- HKMA Stablecoin Issuer Page： https://www.hkma.gov.hk/chi/key-functions/international-financial-centre/stablecoin-issuers/
- License Register： https://www.hkma.gov.hk/chi/regulatory-resources/registers/register-of-licensed-stablecoin-issuers/
(The information in this article is based onHKMA official websiteThe announcement shall prevail，Regulatory policies may be updated over time。If you plan to apply for a Hong Kong or other overseas financial license，Welcome to consult Hong Kong Information Communication，Hong Kong Xintong can provide global financial license application consulting services，includeHong Kong MSO License，Hong Kong Money Lenders License，Hong Kong VASP License Application。）
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