Hong Kong’s First Stablecoin Licenses Go Only to HSBC and a Single Fintech

Hong Kong’s first stablecoin licenses have been awarded exclusively to HSBC and Anchorpoint Financial, locking out non-bank crypto firms despite market expectations of broader access. The Hong Kong Monetary Authority granted the approvals under its new Stablecoins Ordinance, effective April 10, allowing the two firms to begin issuing stablecoins after finalizing operational setups. The regulator described its approach as 'small steps, quick progress,' aiming to test real-world applications and risk controls before expanding the program. Financial Secretary Paul Chan Mo-po emphasized that stablecoins should function solely as payment instruments, not investment products—a distinction that legally restricts their use in trading, lending, or yield-generating platforms. The classification sidelines them from capital markets and shapes how consumers and businesses can interact with the technology. A public register of licensed issuers is now live, meant to deter scams and verify legitimacy. Yet the decision to limit initial access to a global bank and a single fintech has drawn criticism. Analysts, including strategist Kenny Ng Lai-yin, called the outcome disappointing, noting that the move favors entrenched financial players over innovative entrants. The Hong Kong Monetary Authority’s cautious rollout may strengthen oversight, but it also delays the development of a diverse, competitive stablecoin ecosystem.