Three entities, Animoca, Standard Chartered, and HKT, join forces to create a new venture involving stablecoins.
Hong Kong Introduces New Stablecoin Licensing Regulations
The Hong Kong Monetary Authority (HKMA) has announced new regulations for stablecoin licensing, effective from August 1, 2025. These regulations aim to position Hong Kong as a regulated hub for stablecoin activities, ensuring financial stability, investor protection, and alignment with international standards.
The new regulations apply to any entity that issues fiat-referenced stablecoins, whether inside or outside Hong Kong. This includes entities that market or hold themselves out as stablecoin issuers to the Hong Kong public. The regulations cover stablecoins backed by the Hong Kong dollar (HKD) or the US dollar (USD).
Under the new regime, licensed entities must comply with various requirements. These include submitting independent assessment reports, regulatory compliance evidence, and smart contract audit reports. They are also subject to supervisory guidance from the HKMA, including anti-money laundering and counter-financing of terrorism (AML/CFT) measures.
Existing stablecoin issuers operating before August 1, 2025, have specific guidance under the Explanatory Note on Transitional Provisions to help them comply with the new licensing regime. The HKMA maintains a public register of licensed stablecoin issuers to enhance transparency.
Although the regime came into effect on August 1, 2025, the HKMA anticipates granting the first stablecoin licenses no earlier than 2026, indicating a phased rollout approach. Interested parties were invited to contact the HKMA by August 31, 2025, for early discussions and license application guidance.
Evan Auyang, Animoca Brands' Group President, believes stablecoins are one of the most important use cases in Web3. He stated that a HKMA-regulated fiat-referenced stablecoin is important in reinforcing Hong Kong's position as a leading international financial center.
Animoca Brands, Standard Chartered Bank (Hong Kong), and HKT have formed a new venture called Anchorpoint Financial Limited in Hong Kong. According to Auyang, stablecoins will play a significant role as more assets move onto the blockchain. The partnership aims to bring stablecoins into the mainstream financial system, improving financial markets and payment systems in Hong Kong.
The HKMA is aware of Anchorpoint's plans to apply for a stablecoin issuer license. Since July 2024, these entities have been testing stablecoins in the HKMA's sandbox program, exploring how stablecoins could bridge blockchain-based Web3 systems with mainstream finance in Hong Kong.
The new regulations are part of a broader effort to regulate the stablecoin industry in Hong Kong. By ensuring the legality and safety of stablecoin operations, the regulations aim to attract more businesses to Hong Kong and bolster the city's status as a global financial hub.
- The new stablecoin licensing regulations introduced by Hong Kong Monetary Authority (HKMA) are designed to position Hong Kong as a regulated hub for stablecoin activities, which are one of the most important use cases in Web3, according to Evan Auyang, Animoca Brands' Group President.
- The new regulations apply to any entity that issues fiat-referenced stablecoins, whether inside or outside Hong Kong, and cover stablecoins backed by the Hong Kong dollar (HKD) or the US dollar (USD).
- Under the new regime, licensed entities must comply with various requirements, including submitting independent assessment reports, regulatory compliance evidence, and smart contract audit reports, and are subject to supervisory guidance from the HKMA, including anti-money laundering and counter-financing of terrorism (AML/CFT) measures.
- Animoca Brands, Standard Chartered Bank (Hong Kong), and HKT have formed a new venture called Anchorpoint Financial Limited in Hong Kong, with plans to apply for a stablecoin issuer license and bring stablecoins into the mainstream financial system, improving financial markets and payment systems in Hong Kong.
