The Hong Kong Monetary Authority (HKMA) on Friday granted its first batch of fiat-backed stablecoin issuer licenses to HSBC and a Standard Chartered-backed joint venture, marking a major step in the city’s push to become a global digital-asset hub.
The approvals allow HSBC and Anchor Financial Technology Co. Ltd. — a joint venture formed by Standard Chartered, Hong Kong Telecommunications and Animoca Brands — to operate under Hong Kong’s new regulatory regime for stablecoins.
The move underscores Hong Kong’s ambition to establish a regulated stablecoin market ahead of the U.S., while the Chinese mainland continues to enforce a sweeping ban on cryptocurrency trading.