Hong Kong’s Strict Stablecoin Rules: Only 2 Licenses Out of 36 Applications Approved!

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Hong Kong Isn’t Rushing Stablecoins — Here’s Why

Key Highlights

  • Hong Kong will only allow a very small number of stablecoin issuers, with just two licenses issued so far out of 36 applications.
  • The HKMA will wait to see how the first stablecoins perform before approving any more, using a “test first, expand later” approach.
  • All issuers must pass strict checks and even foreign regulator approval before they can launch.

Hong Kong is being careful with approving stablecoins, and it’s anticipated that only a few companies will be granted licenses under the new rules.

Hong Kong’s financial regulator, the HKMA, announced on May 5, 2026, that it will continue to slowly introduce stablecoins after recently granting the first two licenses under new rules that began in August 2025. HKMA Chief Executive Eddie Yue confirmed the plans, according to local news reports.

Small entry, tight gatekeeping

Around 36 companies have requested licenses to issue stablecoins, but so far, only two have been granted. These are Anchorpoint Financial and a partnership between Standard Chartered Hong Kong, Hong Kong Telecom, and Ant Group.

As a researcher, I’ve been following HSBC’s moves closely, and they’re planning to introduce a stablecoin linked to the Hong Kong dollar. This is interesting because it will integrate directly with their mobile banking app and their popular PayMe system, which already boasts over 3.3 million users. However, even for companies that *are* given the green light, it’s not a simple launch. They still need to go through a series of rigorous checks – everything from testing their systems and assessing risks, to vetting their staff and undergoing external reviews – before they can actually begin operating.

The Hong Kong Monetary Authority (HKMA) announced that future approvals for similar programs will be based on the performance of the initial participants. Eddie Yue explained that the HKMA will monitor how the market responds before issuing additional licenses.

The authority will assess actual risks against the original plans. New applications won’t be reviewed until that comparison is complete. And while they may approve additional licenses in the future, the overall number granted will remain limited.

Building rules while learning globally

According to HKMA’s Daryl Chan, companies launching stablecoins need to be well-prepared. This means ensuring their technology is robust, their risk management systems are effective, and their staff are fully trained. For stablecoins intended for international use, approval from regulators in other countries is also required.

The HKMA isn’t aiming for a large number of companies issuing these products. They prefer a small, carefully monitored group to help prevent early errors and keep risks under control. Even if more licenses are approved in the future, the number will be limited to reflect market health and risk factors.

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2026-05-05 20:42