Financial collaboration between Animoca, Standard Chartered, and HKT to establish a new stablecoin venture announced
Hong Kong has taken a significant step towards regulating the use of stablecoins, with the Hong Kong Monetary Authority (HKMA) introducing new licensing regulations effective from August 1, 2025. These regulations are part of the Stablecoins Ordinance, designed to ensure the stability and integrity of the financial system in Hong Kong.
Licensing Requirements
Any person issuing fiat-referenced stablecoins (FRS) in Hong Kong, or issuing FRS pegged to the Hong Kong dollar even outside Hong Kong, must obtain an HKMA license. The HKMA has published guidelines covering capital, reserve, governance, anti-money laundering (AML), counter-financing of terrorism (CFT) standards, technological requirements, and supervisory expectations for licensed stablecoin issuers.
Application Process
Interested entities are encouraged to communicate with the HKMA by 31 August 2025 to receive feedback and are encouraged to submit their licensing applications by 30 September 2025 for early consideration.
Enforcement and Public Protection
The HKMA emphasizes caution in public communications to prevent false claims of licensing status, as it is an offense under the Stablecoins Ordinance to falsely represent oneself as a licensee or applicant. The HKMA maintains a public register of licensed stablecoin issuers, and the public is warned about the risks of using unlicensed stablecoins.
Market Outlook
While over 40 firms have expressed interest in applying, the HKMA is expected to approve fewer than 10 initially, reflecting a cautious approach prioritizing effective mitigation of money laundering risks.
Pioneering Partnership
Animoca Brands, Standard Chartered Bank (Hong Kong), and telecom company HKT have formed a new venture called Anchorpoint Financial Limited in Hong Kong. Since July 2024, Anchorpoint Financial Limited, along with the other partners, has been testing stablecoins in the HKMA's sandbox program. Evan Auyang, Animoca Brands' Group President, believes stablecoins are one of the most important use cases in Web3 and will play a significant role as more assets move onto the blockchain.
The new regulations aim to bring stablecoins into the mainstream financial system, in line with the partnership between Animoca Brands, Standard Chartered, and HKT. The partnership seeks to explore how stablecoins could bridge blockchain-based Web3 systems with mainstream finance, enhancing financial markets and payment systems in Hong Kong.
It is important to note that, under the new regime, any company claiming to have received a permit from the HKMA is operating unlawfully. The HKMA has not yet given out any permits.
References:
- HKMA's Guidance on Stablecoin Regulation
- HKMA's Consultation Conclusions on Stablecoins
- HKMA's Guidance on Stablecoin Testing
- South China Morning Post: Hong Kong's Stablecoin Regulations
- Bloomberg: Hong Kong's Stablecoin Regulations
- The new licensing regulations, effective from August 1, 2025, require any person issuing stablecoins in Hong Kong or pegged to the Hong Kong dollar elsewhere to secure an HKMA license, as part of the Stablecoins Ordinance.
- With the impending launch of the Stablecoins Ordinance, interested entities are advised to communicate with the HKMA by August 31, 2025, for feedback and should submit their licensing applications by September 30, 2025, for early consideration.
- As stablecoins become more prevalent, technology companies like Animoca Brands, Standard Chartered Bank (Hong Kong), and HKT, are leveraging the technology to bridge blockchain-based Web3 systems with mainstream finance. This partnership seeks to enhance financial markets and payment systems in Hong Kong, aligning with the objective of bringing stablecoins into the mainstream financial system.
