Last Updated: March 22, 2026 | Expected Approval Date: March 24, 2026
Bloomberg reports HSBC and Standard Chartered will be among the first approved stablecoin issuers in Hong Kong, with approvals expected as early as March 24, 2026. This makes Hong Kong the first major Asian financial center to implement a comprehensive regulated stablecoin framework.
The Hong Kong Monetary Authority (HKMA) is taking a risk-based approach to stablecoin licensing, prioritizing institutions with:
| Criteria | Why It Matters | Banks' Advantage |
|---|---|---|
| Capital Adequacy | Reserve backing requirements | Already meet Basel III standards |
| Compliance Infrastructure | AML/CFT, KYC systems | Decades of regulatory experience |
| Operational Resilience | 24/7 redemption capability | Existing payment infrastructure |
| Consumer Protection | Deposit insurance-like protections | Existing complaint handling |
| Audit & Reporting | Regular reserve attestations | Established audit relationships |
Status: Expected March 24
Asia's largest bank by assets. Expected to issue HKD-backed stablecoin for institutional use cases.
Status: Expected March 24
Partners: Animoca Brands + HKT
Hong Kong dollar-backed stablecoin through innovative bank-blockchain-telecom partnership.
Status: Under Review
Mix of fintech companies, crypto-native firms, and other financial institutions. HKMA processing applications on rolling basis.
| Partner | Role | Expertise |
|---|---|---|
| Standard Chartered | Banking License Holder | Regulatory compliance, reserve custody, fiat rails |
| Animoca Brands | Blockchain Infrastructure | Web3 technology, tokenization, ecosystem integration |
| HKT | Distribution Network | Telecom infrastructure, mobile payments, consumer reach |
This partnership model demonstrates how traditional banks can enter the stablecoin market by partnering with technology firms while maintaining regulatory compliance.
Stablecoins Ordinance introduced — Establishes legal framework for stablecoin issuers
Application Period Opens — HKMA begins accepting license applications
36 Applications Received — Mix of banks, fintechs, and crypto firms
Bloomberg Report — HSBC and Standard Chartered expected to receive first approvals
🔴 First Licenses Issued — HSBC and Standard Chartered to receive approvals
Second Wave — Additional applicants expected to receive approvals
| Jurisdiction | Framework | Status (March 2026) | First Licenses |
|---|---|---|---|
| 🇭🇰 Hong Kong | Stablecoins Ordinance | ✅ Implementing | March 24, 2026 (expected) |
| 🇸🇬 Singapore | MAS Stablecoin Framework | 📋 Proposed | Not yet finalized |
| 🇯🇵 Japan | Banking Act (for JPY stablecoins) | ✅ Active | Banks only (MUFG, SMBC) |
| 🇦🇺 Australia | Digital Assets Framework Bill | ✅ Passed March 16 | Implementation pending |
| 🇰🇷 South Korea | DABA (Digital Asset Basic Act) | 📋 Drafted | Expected late 2026 |
Hong Kong's First-Mover Advantage: By issuing licenses in March 2026, Hong Kong becomes the first major Asian financial center with a fully implemented stablecoin framework, potentially attracting institutional capital and establishing regulatory standards for the region.
Hong Kong is expected to issue its first stablecoin licenses as early as March 24, 2026. HSBC and Standard Chartered are expected to be among the first approved issuers under the HKMA's Stablecoin Ordinance.
36 organizations have submitted applications to the Hong Kong Monetary Authority (HKMA). Major applicants include HSBC, Standard Chartered (with Animoca Brands and HKT joint venture), and various fintech companies. HKMA is prioritizing established financial institutions for initial approvals.
Standard Chartered is preparing to issue a Hong Kong dollar-backed stablecoin through a joint venture with:
Under the Stablecoins Ordinance (August 2025), issuers must:
HKMA is prioritizing established financial institutions because they already maintain:
Hong Kong is the first major Asian financial center to implement a comprehensive stablecoin licensing framework. Singapore's MAS has proposed similar rules but not yet finalized. Japan requires banking licenses for JPY stablecoins. Australia's new framework (March 2026) includes stablecoin provisions but implementation is pending.