People familiar with the matter told Bloomberg the approvals could arrive within weeks as authorities roll out the initial phase of a new licensing regime overseen by the Hong Kong Monetary Authority (HKMA), the territory’s de facto central bank.
Banking giants HSBC and Standard Chartered are expected to become among the first institutions to receive stablecoin issuer licenses in Hong Kong, marking a significant step in the city’s push to establish itself as a global hub for regulated digital assets.
People familiar with the matter told Bloomberg the approvals could arrive within weeks as authorities roll out the initial phase of a new licensing regime overseen by the Hong Kong Monetary Authority (HKMA), the territory’s de facto central bank. The two banks — both note-issuing institutions in Hong Kong — are reportedly being prioritized as regulators seek to anchor the emerging stablecoin market within established financial institutions.
The planned approvals come after Hong Kong introduced a comprehensive legal framework for fiat-referenced stablecoins in 2025, requiring any issuer operating in the city or offering Hong Kong dollar-linked tokens to obtain a license from the HKMA. The rules impose strict requirements on capital reserves, asset backing, governance, and redemption mechanisms to ensure stability and investor protection.
Officials have signaled that only a small number of licenses will be granted in the initial round as regulators cautiously test the new regime. More than three dozen institutions have reportedly submitted applications, ranging from global banks to fintech startups and Web3 firms seeking a foothold in Asia’s growing digital-asset market.
The inclusion of HSBC and Standard Chartered would place two of Hong Kong’s most prominent financial institutions at the center of the territory’s digital currency strategy. Both banks have already explored blockchain-based financial infrastructure and tokenized money initiatives, positioning themselves as key bridges between traditional finance and emerging crypto technologies.
Standard Chartered has previously partnered with firms such as Animoca Brands and telecom provider HKT to explore the issuance of a Hong Kong dollar-backed stablecoin through a joint venture, part of broader industry experimentation under regulatory sandboxes.
Hong Kong authorities view regulated stablecoins as a critical component of next-generation financial infrastructure, particularly for cross-border payments, digital commerce and tokenized assets. By building a tightly supervised ecosystem, the government aims to balance innovation with financial stability while competing with regional financial centers such as Singapore in the race to attract Web3 and fintech investment.
If finalized, the first wave of licenses would mark a milestone in Hong Kong’s effort to integrate blockchain-based finance into its traditional banking system — potentially setting a regulatory template for other global financial hubs exploring stablecoin oversight.
