FINANCE

Hong Kong Delays Issuance of First Compliant Stablecoin Licenses

Published: Mar. 31, 2026 9:28 p.m. GMT+8

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The Hong Kong Monetary Authority. Photo: VCG

Hong Kong has delayed issuing its first batch of compliant stablecoin licenses, missing a previously announced March target.

The pause signals regulators’ preference for tighter risk controls over speed as global authorities grapple with how to supervise fast-growing, crypto-linked payment instruments, people familiar with the matter said.

A spokesperson for the Hong Kong Monetary Authority (HKMA) told Caixin the regulator is pressing ahead with the licensing process and will make an announcement in due course. The delay comes after public commitments from senior officials, including HKMA Chief Executive Eddie Yue and Financial Secretary Paul Chan Mo-po, who said in his Feb. 25 budget speech that the first licenses would be issued in March. Hong Kong’s Stablecoins Ordinance took effect on Aug. 1, 2025.

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Explore the story in 30 seconds

Hong Kong delayed first compliant stablecoin licenses past March target, favoring tighter risk controls.
HKMA revising issuer submissions; ordinance effective Aug. 1, 2025; announcement pending.
Expectations focus on HSBC, Standard Chartered's Anchorpoint; next: Futu Securities, OSL Group.

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Who’s Who

Bitfire Group Holdings Ltd.: Weng Xiaoqi, chief executive of Bitfire Group Holdings Ltd., said regulators may need more time to finalize stablecoin requirements, such as reserve asset disclosure, redemption arrangements, and extreme-stress testing, due to applicants from banks, traditional finance, and Web3 firms.

HSBC Holdings Plc: HSBC Holdings Plc is a major note-issuing bank in Hong Kong, with market expectations focusing on it for the first batch of stablecoin licenses. It has not confirmed an application, though mid-January speculation positioned it as a leading candidate. (48 words)

Standard Chartered Plc: Standard Chartered Plc is a major note-issuing bank in Hong Kong expected to receive one of the first compliant stablecoin licenses. Its subsidiary, Standard Chartered Bank (Hong Kong) Ltd., formed Anchorpoint Financial Ltd. with Animoca Brands and HKT, which publicly intended to apply under the new Stablecoins Ordinance effective Aug. 1, 2025.

Standard Chartered Bank (Hong Kong) Ltd.: Standard Chartered Bank (Hong Kong) Ltd. formed joint venture Anchorpoint Financial Ltd. with Animoca Brands and HKT, the first to publicly announce intent to apply for a stablecoin license under Hong Kong's new rules. Market expectations include it among major banks like HSBC for initial approvals.

Animoca Brands: Animoca Brands is a partner in Anchorpoint Financial Ltd., a joint venture with Standard Chartered Bank (Hong Kong) Ltd. and HKT. It was the first to publicly announce intent to apply for a Hong Kong stablecoin license when the rules took effect on Aug. 1, 2025.

HKT: HKT is a partner in Anchorpoint Financial Ltd., a joint venture with Standard Chartered Bank (Hong Kong) Ltd. and Animoca Brands. The JV was the first to publicly announce its intent to apply for a stablecoin license when Hong Kong's rules took effect.

Anchorpoint Financial Ltd.: Anchorpoint Financial Ltd., a joint venture of Standard Chartered Bank (Hong Kong) Ltd., Animoca Brands, and HKT, was the first to publicly announce its intent to apply for a Hong Kong stablecoin license when the new rules took effect on Aug. 1, 2025.

Futu Securities: Futu Securities is seen as a strong contender for the next round of Hong Kong stablecoin licenses, per sources familiar with the matter. (24 words)