HSBC and Standard Chartered Bank Obtain Stablecoin Licenses in Hong Kong

Odaily News: The Hong Kong Monetary Authority (HKMA) announced that the Monetary Authority has granted stablecoin issuer licenses to two institutions under the "Stablecoin Ordinance" — Anchor Financial Technology Co., Ltd. (a company jointly formed by Standard Chartered Bank (Hong Kong), Hong Kong Telecom, and Ant Group) and HSBC. This marks a new phase in the implementation of Hong Kong's stablecoin regulatory framework. Before officially launching their compliant stablecoins, licensed issuers must complete relevant preparatory work, including technology platform and system testing, implementation of risk management measures, staffing arrangements, and more. Based on the current business plans of the two institutions, we anticipate that regulated stablecoins in Hong Kong will be launched successively from mid-year to the second half of this year.