⚖️Not legal advice. This page is informational only. Always verify against primary sources and consult qualified legal counsel before relying on this information.
Hong Kong
Stablecoins Ordinance (Cap. 656)
EnforcedRegulator(s): Hong Kong Monetary Authority (HKMA)Next review: 2026-08-08
Issuance of fiat-referenced stablecoins (FRS) in Hong Kong, or HKD-referenced stablecoins anywhere, is a regulated activity requiring an HKMA licence.
Licensing regime in effect since 1 Aug 2025. First licences granted 10 Apr 2026 to HSBC and Anchorpoint Financial (Standard Chartered / HKT / Animoca JV) from 36 applications.
📋 Key Requirements
| Reserves | Full backing with high-quality liquid reserve assets; segregation from issuer assets |
|---|---|
| Redemption | Redemption at par without unreasonable conditions or fees |
| Capital | Minimum paid-up capital and ongoing financial resources requirements |
| Attestation | Regular disclosure and independent attestation of reserves; AML/CFT controls emphasized |
| Licensing | HKMA licence mandatory; public register of licensees maintained |
📅 Timeline & Upcoming Deadlines
- 2026-12-31 ⏳
HSBC HKD stablecoin launch expected H2 2026; Anchorpoint HKDAP phased rollout from Q2 2026
secondary
🏛️ Licensed / Approved Issuers
HSBC
2026-04-10 ↗Anchorpoint Financial Limited (StanChart/HKT/Animoca)
2026-04-10 ↗🪙 Aligned Stablecoins on Atlas
No stablecoins from the Atlas directory are currently aligned with this framework.