Hong Kong’s first batch of stablecoin issuers has been unveiled! Out of 36 applications, only 2 received licenses: HSBC and TetherPoint Finance

The Hong Kong Monetary Authority has announced the first batch of stablecoin issuer licenses, with Anchorpoint Financial led by HSBC Bank and Standard Chartered taking the prize. Under the regulatory framework, the system will promote compliant stablecoin solutions to address financial pain points while protecting users’ rights and interests.

The Hong Kong Monetary Authority today (10th)公布 the list of the first batch of “stablecoin issuer licenses.” After fierce competition among 36 applicants, only two companies were granted licenses: “HSBC Bank (HSBC),” and “Anchorpoint Financial,” formed with Standard Chartered Bank (Standard Chartered) as the lead.

The Monetary Authority said that the stablecoin issuer licenses will take effect immediately. Based on the license holders’ business plans, once the relevant preparatory work is completed, they are expected to begin operations within the coming months.

“Monetary Authority Chief Executive Officer Yu Wei-wen” said that stablecoin issuer licenses are an important milestone for Hong Kong’s digital asset development. The regulatory framework provides an orderly operating environment that enables stablecoin issuers to properly protect users’ rights and interests and manage related risks while applying innovative technology, so that Hong Kong’s stablecoin ecosystem can develop in a healthy, responsible, and sustainable manner. He said:

I look forward to issuers carrying out their business plans as scheduled. While managing risks well, they should actively explore development opportunities, promote the use of compliant stablecoins, address pain points in financial and economic activities, create value for citizens and businesses, and help drive the healthy development of Hong Kong’s digital assets.

Earlier, there were market rumors that this round of stablecoin licensing leans more toward “banks as the main focus.” The reason is that note-issuing institutions are subject to strict regulation, have strong capital strength, and can provide higher levels of security while also helping drive broad market adoption.

Blockhead previously reported that “Anchorpoint Financial” is a joint venture established by Animoca Brands group (Animoca Brands), which was formed together with Taikoo Hong Kong, Hong Kong Telecommunications, and Hong Kong Web3 companies, with the aim of building a business model focused on “issuing and promoting regulated stablecoins.”

Since July 2024, Animoca Brands, Standard Chartered Hong Kong, and Hong Kong Telecommunications have joined forces to participate in the Monetary Authority’s stablecoin issuer “sandbox,” exploring how stablecoins can play a key role in the development of financial and payments markets by combining Web3 with traditional finance, thereby strengthening Hong Kong’s role as a global digital asset hub.

• This article is reproduced with authorization from: 《Blockhead》
• Original title: 《Hong Kong releases the first batch of “stablecoin issuers”! “HSBC, Anchorpoint Financial” receive licenses》
• Original author: Blockhead sister MEL