Hong Kong Grants Stablecoin Issuer Licences

Tom Burroughes

13 April 2026

Hong Kong’s central bank and regulator has granted stablecoin issuer licences to , Animoca Brands, and Hong Kong Telecom.

Hong Kong is seeking to push its credentials as a stand-out centre for digital assets/cryptocurrencies. The Hong Kong Monetary Authority has created a stablecoin licensing framework, which came into force from 1 August, 2025. The government in the city has a Digital Asset Policy 2.0 initiative. There is a patchwork of regulations around the world. For example, in July 2025, President Donald Trump signed the “GENIUS Act” (Guiding and Establishing National Innovation for US Stablecoins Act), which created a federal regulatory framework for payment stablecoins.

A stablecoin is a type of cryptocurrency designed to maintain a stable value by being pegged to a reserve asset to a fiat currency such as the US dollar or a commodity like gold. The total market capitalisation of the world’s stablecoin market is around $300 billion, based on various estimates seen online. (Editor’s note: Given high levels of market volatility, such figures should be treated carefully.)

“The granting of stablecoin issuer licences is an important milestone for the development of digital assets in Hong Kong. The regulatory regime provides an orderly operating environment for stablecoin issuers to apply innovative technologies while ensuring robust user protection and effective risk management, which will foster the development of a healthy, responsible, and sustainable stablecoin ecosystem,” Eddie Yue, HKMA chief executive, said. “We look forward to the issuers launching business according to their plans, exploring growth opportunities while properly managing risks. We hope their promotion of regulated stablecoins will address pain points in financial and economic activities, create values for both individuals and businesses, and support the healthy development of digital assets in Hong Kong.”

The HKMA’s press release warned that “members of the public should stay vigilant to fraudulent activities or scams that are purported to be associated with the licencees or their stablecoin issuance…when acquiring or using stablecoins, the public is reminded to do so only through regulated channels.”

Among recent developments, in early February Bahrain-regulated Singapore Gulf Bank said it had created a bank-operated network that brings the US dollar and stablecoins together in one regulated platform.

In October 2025, this news service spoke to , a Switzerland-headquartered digital assets specialist firm, about its views on topics including Hong Kong’s regulatory developments.

See an article from 2022 that gives an overview of the whole “digital assets” space.