The Hong Kong Monetary Authority (HKMA) has granted the first batch of stablecoin issuer licenses to HSBC and Anchor Point Fintech (a company jointly established by Standard Chartered Bank (Hong Kong), HKT, and Ant Group), effective immediately on April 10. The two institutions plan to launch their Hong Kong Dollar stablecoin issuance business within a few months.

The Hong Kong Monetary Authority announced on Friday that it has granted stablecoin issuer licenses to Dingdian Fintech Co., Ltd. and The Hongkong and Shanghai Banking Corporation Limited, marking the implementation of the Stablecoin Regulations and a key step forward in Hong Kong’s digital asset regulatory framework.

Dingdian Fintech Co., Ltd. is a joint venture established by Standard Chartered Bank (Hong Kong), $HKT-SS (06823.HK)$ and the Anni Group.

The two licenses took effect immediately on April 10. According to the HKMA’s announcement, the two licensed institutions plan to officially commence stablecoin issuance operations within the next few months after completing relevant preparatory work.

HKMA Chief Executive Eddie Yue stated that this licensing marks an important milestone in the development of Hong Kong’s digital assets. The regulatory regime aims to provide a structured operating environment for stablecoin issuers, promoting technological innovation while protecting user rights and managing risks, thereby fostering the “healthy, responsible, and sustainable development” of Hong Kong’s stablecoin ecosystem.

Regulatory framework officially implemented

The implementation of the Stablecoin Regulations establishes a formal legal foundation for Hong Kong’s stablecoin market. As the regulatory authority, the HKMA has now created a register of licensed stablecoin issuers and disclosed the names, addresses, and contact details of licensees on its official website for public verification.

In its announcement, the HKMA also highlighted risks, urging the public to remain vigilant against any fraudulent activities or scams claiming association with licensees or their issued stablecoins. It emphasized that the purchase or use of stablecoins should be conducted through regulated channels.

Background of licensed institutions

Among the approved institutions, The Hongkong and Shanghai Banking Corporation is one of the largest traditional commercial banks in Hong Kong; Dingdian Fintech Co., Ltd. is a fintech enterprise.

Anchor Point FinTech Co., Ltd. is a joint venture established by Standard Chartered Bank (Hong Kong), HKT, and Ant Group.

Yu Weiwén stated in the announcement that he looks forward to the issuer commencing operations as planned, actively expanding business scope while managing risks, and promoting the application of compliant stablecoins to ‘address pain points in financial and economic activities and create value for citizens and enterprises.’

Sources: Futubull