The Hong Kong Monetary Authority (HKMA), the city's de facto central bank, remains "open but prudent" on approving additional stablecoin licences. The regulator told Sandmark it wants to observe how the two licensees granted in April launch their operations before considering further approvals.
Hong Kong Regulator To Watch and Wait on More Stablecoin Licences
10 August 2026 - 06:30 UTC
Responding in English to Sandmark on 10 Aug, the HKMA reiterated the "open yet cautious" (开放而谨慎) stance it had given to Chinese-language outlet Cailianshe four days earlier, saying further approvals would depend on how the first two issuers roll out their stablecoins. That leaves 34 applicants still waiting on a decision more than four months after the April approvals.
Observing implementation
An HKMA spokesperson said that "our current priority is to work with licensed stablecoin issuers to prepare for their business launch, and to observe the implementation of their use cases, effectiveness of their business operations and market reception following the issuance of regulated stablecoins."
Stablecoins are digital assets pegged to another asset – usually a fiat currency such as the US dollar – to maintain a stable price. They are widely used for digital payments.
Under the Stablecoins Ordinance, which took effect on 1 Aug 2025, the HKMA is the sole licensing and supervisory authority for stablecoin issuers, and on 10 Apr granted its first issuer licences for HKD-pegged stablecoins to HSBC and Anchorpoint Financial Limited – a joint venture of Standard Chartered, Animoca Brands and Hong Kong Telecommunications.
Four factors for approval
Rumours had circulated that a second batch of licences would come around the 1 Oct Chinese National Day holiday, prompting the HKMA's earlier response.
While reiterating that it does not comment on market speculation, the HKMA told Sandmark that criteria for additional licences would include applicants meeting licensing criteria, market demand for stablecoins, "actual use cases" and global development trends including "discussions on the regulatory aspect."
High capital threshold
Hong Kong's capital requirements are among the highest in the region, requiring issuers to maintain a minimum paid-up capital of HK$25mn (about $3.2mn) and hold a 1:1 reserve backing in high-quality, liquid assets segregated from operational funds. In contrast, the Monetary Authority of Singapore (MAS) mandates minimum paid-up capital of S$1mn (about $781,000) or 50% of annual operating expenses, whichever is higher.
