Hong Kong-based financial institution Standard Chartered and Animoca Brands join forces, aiming to secure a license for a stablecoin operation within the territory.
Hong Kong's New Stablecoin Regime Attracts Major Players
Hong Kong's digital asset landscape is set to change significantly with the introduction of a new stablecoin licensing regime. The ordinance, officially enforced on August 1, 2025, aims to regulate crypto while attracting legitimate players, creating one of the most rigorous regulatory frameworks globally for fiat-backed stablecoins.
Under the Stablecoin Ordinance, any entity issuing or offering stablecoins to retail users in Hong Kong must obtain a license from the Hong Kong Monetary Authority (HKMA). The new law requires a minimum capital requirement of HKD 25 million, full 1:1 reserve backing by high-quality liquid assets, and real-name KYC verification of all users, among other stringent compliance standards.
Anchorpoint Financial Limited, a joint venture between Standard Chartered, Animoca Brands, and HKT, has taken the first step in this new landscape. On August 1, they officially applied for one of the first stablecoin issuer licenses under this new regime. The venture aims to integrate stablecoins into Hong Kong’s mainstream financial ecosystem, leveraging the city's position as a digital asset innovation hub.
Anchorpoint's plans include capitalizing on the rapid growth of Hong Kong’s stablecoin market, worth about $261 billion, and utilizing the regulatory clarity to issue stablecoins that can compete in regional settlements beyond just the US dollar. They also intend to expand tokenized investment products such as real estate and green bonds within the regulated framework.
Yat Siu, co-founder and executive chairman of Animoca Brands, believes the new legal clarity could be a turning point for the industry. He suggests that clearer regulation could drive customer acquisition as more individuals and businesses will feel assured about participating in stablecoin ecosystems under regulatory oversight. Siu also proposes that a locally issued stablecoin in Hong Kong could facilitate cross-border payments, retail transactions, and B2B services.
Mary Huen, Chief Executive Officer for Hong Kong and Greater China and North Asia at Standard Chartered, stated that stablecoins will play an important role in building a sustainable digital asset ecosystem in Hong Kong. However, Standard Chartered did not immediately respond to questions about specific products or uses for the stablecoin.
The HKMA's fiat-referenced stablecoin licensing regime is a significant step towards the adoption and innovation of stablecoins. The launch of this regime marks one of the first formal moves by a major global bank to tap into Hong Kong's plans to become a digital asset hub. Animoca Brands' participation in a stablecoin issuer sandbox run by the HKMA in July 2024 paved the way for this joint venture with Standard Chartered.
Yat Siu acknowledges that the market is still figuring out how stablecoins will be used in practice. He mentions potential use cases for stablecoins, including cross-border payments and digital savings. Siu expresses that regulation could unlock stablecoin adoption and innovation.
In summary, Anchorpoint is positioning itself as a regulated stablecoin issuer that bridges traditional finance with digital assets under Hong Kong's strict and pioneering licensing standards for stablecoins. The venture's move marks a significant step in Hong Kong's ambition to become an international financial center and digital assets hub.
- The new Stablecoin Ordinance in Hong Kong requires any entity issuing stablecoins to retail users to obtain a license from the Hong Kong Monetary Authority (HKMA).
- Anchorpoint Financial Limited, a joint venture between Standard Chartered, Animoca Brands, and HKT, has applied for one of the first stablecoin issuer licenses under Hong Kong's new regime.
- Yat Siu, co-founder and executive chairman of Animoca Brands, believes that clearer regulation could drive customer acquisition and unlock stablecoin adoption and innovation.
- The HKMA's fiat-referenced stablecoin licensing regime is a significant step towards the adoption and innovation of stablecoins, positioning Hong Kong as a potential hub for digital asset business and finance.
