{"id":9366,"date":"2026-08-06T03:28:16","date_gmt":"2026-08-06T03:28:16","guid":{"rendered":"https:\/\/acudc.com\/?p=9366"},"modified":"2026-08-06T03:29:12","modified_gmt":"2026-08-06T03:29:12","slug":"hong-kong-advances-stablecoin-rules-with-first-licences","status":"publish","type":"post","link":"https:\/\/acudc.com\/zh\/hong-kong-advances-stablecoin-rules-with-first-licences\/","title":{"rendered":"Hong Kong Advances Stablecoin Rules With First Licences"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"9366\" class=\"elementor elementor-9366\">\n\t\t\t\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-624d676d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"624d676d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5b01699e\" data-id=\"5b01699e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-309872b elementor-widget elementor-widget-image\" data-id=\"309872b\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.7.2 - 21-08-2022 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"815\" height=\"594\" src=\"https:\/\/acudc.com\/wp-content\/uploads\/2026\/08\/News0805.01.png\" class=\"attachment-large size-large\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/acudc.com\/wp-content\/uploads\/2026\/08\/News0805.01.png 815w, https:\/\/acudc.com\/wp-content\/uploads\/2026\/08\/News0805.01-300x219.png 300w, https:\/\/acudc.com\/wp-content\/uploads\/2026\/08\/News0805.01-768x560.png 768w, https:\/\/acudc.com\/wp-content\/uploads\/2026\/08\/News0805.01-16x12.png 16w\" sizes=\"(max-width: 815px) 100vw, 815px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7d5cd177 elementor-widget elementor-widget-text-editor\" data-id=\"7d5cd177\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.7.2 - 21-08-2022 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>HKMA grants initial licences under new law, prioritising risk controls and limiting approvals as the stablecoin framework takes shape.<\/p><p><strong>Key\u00a0Highlights<\/strong><\/p><ul><li>HKMA issues its first\u00a0stablecoin\u00a0licences to HSBC and Anchorpoint Financial Limited, marking the rollout of its regulatory regime.<\/li><li>Only 2 of 36 applicants were approved, reflecting a cautious approach with a focus on\u00a0risk management\u00a0and viable use cases like payments and\u00a0settlement.<\/li><li>Licensed issuers must meet strict reserve, compliance, and testing requirements before launching Hong Kong dollar-backed stablecoins.<\/li><\/ul><p>The Hong Kong Monetary Authority (HKMA) today announced granting its first stablecoin issuer licences, formally launching its regulatory regime for the sector.<\/p><p>According to the official\u00a0announcement, the licences were awarded to The Hong Kong and Shanghai Banking Corporation Limited (HSBC) and Anchorpoint Financial Limited, marking the transition from policy design to implementation under the Stablecoins Ordinance.<\/p><p><strong>Limited approvals after broad interest<\/strong><\/p><p>The regulator reviewed 36 applications submitted by the September 2025 deadline, approving only two in the initial round.<\/p><p>Authorities said the selection was\u00a0based\u00a0on applicants\u2019 ability to manage financial and operational risks, along with the viability of their proposed use cases. The low\u00a0approval\u00a0rate signals a cautious approach, with officials indicating that the total number of licences will remain limited.<\/p><p><strong>Focus on payments and settlement use cases<\/strong><\/p><p>Both licensees plan to issue Hong Kong dollar-backed stablecoins in the first phase. Their proposals focus on practical financial applications rather than speculative use.<\/p><p>Key areas include cross-border payments, where stablecoins are positioned as a tool to reduce costs and settlement delays, and local transactions aimed at integrating with existing payment infrastructure. Other use cases include settlement for tokenised assets and programmable payments tied to conditions such as\u00a0supply chain\u00a0financing.<\/p><p><strong>Strict requirements on reserves and compliance<\/strong><\/p><p>The licensing framework imposes detailed requirements on issuers, particularly around reserve management and\u00a0redemption.<\/p><p>Firms must maintain safeguards for fiat-backed reserves, ensure\u00a0price stability\u00a0mechanisms, and implement clear redemption processes. They are also required to meet anti-money laundering standards, including transaction monitoring and\u00a0identity verification\u00a0for users. Technology risk controls and system\u00a0resilience\u00a0are also part of the supervisory expectations.<\/p><p><strong>Gradual rollout before launch<\/strong><\/p><p>The approved issuers are not yet live. Before launching, they must complete system testing, operational setup, and compliance checks. Authorities expect the first regulated stablecoins to go live later this year, depending on readiness and final approvals.<\/p><p>Once operational, licensees will be subject to continuous oversight, including inspections and performance reviews against their original business plans.<\/p><p>The HKMA has said it will continue engaging with other applicants but has not committed to a timeline for additional approvals. Future licensing decisions will depend on market conditions and early outcomes from the first issuers.<\/p><p><strong>Aligning with global standards<\/strong><\/p><p>Hong Kong\u2019s framework follows a \u201csame activity, same regulation\u201d approach, aiming to align stablecoin oversight with existing financial rules. The regulator is also participating in international discussions on stablecoin risks, including cross-border operations and supervisory coordination.<\/p><p>The rollout positions Hong Kong among jurisdictions moving toward formal regulation of stablecoins, with an emphasis on controlled adoption rather than rapid expansion.<\/p><p>Retrieved from: <a href=\"https:\/\/www.cryptotimes.io\/2026\/04\/10\/hong-kong-advances-stablecoin-rules-with-first-licences\/\">https:\/\/www.cryptotimes.io\/2026\/04\/10\/hong-kong-advances-stablecoin-rules-with-first-licences\/<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>HKMA grants initial licences under new law, prioritising risk controls and limiting approvals as the stablecoin framework takes shape. Key\u00a0Highlights HKMA issues its first\u00a0stablecoin\u00a0licences to HSBC and Anchorpoint Financial Limited, marking the rollout of its regulatory regime. Only 2 of 36 applicants were approved, reflecting a cautious approach with a focus on\u00a0risk management\u00a0and viable use &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/acudc.com\/zh\/hong-kong-advances-stablecoin-rules-with-first-licences\/\"> <span class=\"screen-reader-text\">Hong Kong Advances Stablecoin Rules With First Licences<\/span> \u67e5\u770b\u5168\u6587 &raquo;<\/a><\/p>","protected":false},"author":8,"featured_media":9367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[15,9],"tags":[75,78],"_links":{"self":[{"href":"https:\/\/acudc.com\/zh\/wp-json\/wp\/v2\/posts\/9366"}],"collection":[{"href":"https:\/\/acudc.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/acudc.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/acudc.com\/zh\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/acudc.com\/zh\/wp-json\/wp\/v2\/comments?post=9366"}],"version-history":[{"count":4,"href":"https:\/\/acudc.com\/zh\/wp-json\/wp\/v2\/posts\/9366\/revisions"}],"predecessor-version":[{"id":9380,"href":"https:\/\/acudc.com\/zh\/wp-json\/wp\/v2\/posts\/9366\/revisions\/9380"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/acudc.com\/zh\/wp-json\/wp\/v2\/media\/9367"}],"wp:attachment":[{"href":"https:\/\/acudc.com\/zh\/wp-json\/wp\/v2\/media?parent=9366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/acudc.com\/zh\/wp-json\/wp\/v2\/categories?post=9366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/acudc.com\/zh\/wp-json\/wp\/v2\/tags?post=9366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}