Hong Kong’s stablecoin licensing regime is drawing a second wave of applicants after the Hong Kong Monetary Authority granted its first two licences on April 10, 2026, selecting just two issuers from a pool of 36 first-batch applications and signaling that additional approvals will remain scarce and heavily screened.
The HKMA confirmed it issued stablecoin issuer licences to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited, effective the same day. The regulator’s public register lists Anchorpoint as licence FRS01 and HSBC as FRS02.
While secondary reports have framed the development as a formal “second batch” of applications, the HKMA has not explicitly confirmed a new application window or named any post-first-batch applicants. According to unconfirmed reports, additional entities are preparing filings, but the regulator’s own language refers only to continued engagement with “remaining applicants and those considering applying.”
Why a second application wave matters for regulated stablecoins
The HKMA received 36 first-batch applications by the September 30, 2025 deadline. Only two licences emerged from that pool, a conversion rate of roughly 5.6%.
First-batch applications received
36
That selectivity is the point. The HKMA stated it will keep the licensing threshold high and the total number of licences “very limited.” Any second wave of applicants faces the same narrow gate, which makes the continued interest itself a signal of how seriously institutions view Hong Kong as a regulated stablecoin jurisdiction.
The development comes as broader crypto sentiment remains subdued, with the Fear & Greed Index sitting at 15, deep in “Extreme Fear” territory. Regulatory progress in Hong Kong stands in contrast to the risk-off mood across digital asset markets, similar to how recent U.S. spot ETF inflow milestones have provided pockets of institutional momentum despite broader caution.
How Hong Kong’s compliance framework shapes new applicants
Hong Kong’s Stablecoins Ordinance regime took effect on August 1, 2025, making the issuance of fiat-referenced stablecoins a regulated activity requiring a licence. The framework covers capital adequacy, reserve asset management, redemption guarantees, governance, AML/CFT controls, and technology risk.
Official licensing guidance sets the minimum paid-up share capital at HKD 25,000,000 or equivalent approved financial resources. That threshold alone filters out smaller operators and positions the regime as one designed for well-capitalized institutions.
The two approved licensees illustrate this tilt. Anchorpoint Financial Limited is backed by Standard Chartered, while HSBC is one of the world’s largest banking groups. Both bring existing compliance infrastructure that smaller fintech entrants would need to build from scratch.
For prospective second-wave applicants, the compliance burden extends beyond capital. Issuers must demonstrate reserve management practices that ensure full redeemability, governance structures with adequate board oversight, and technology risk controls covering cybersecurity and operational resilience. The framework effectively requires applicants to operate at bank-grade standards before receiving a licence.
What the first approvals reveal about competitive positioning
Anchorpoint announced that its regulated HKD-backed stablecoin, HKDAP, is targeted for a phased launch from the second quarter of 2026. That timeline suggests even approved issuers face months of operational setup before their products reach the market.
Bill Winters, Standard Chartered’s CEO, said the licence “reinforces our role in shaping the future of digital assets.” The statement positions Anchorpoint’s approval as a strategic asset for Standard Chartered’s broader digital finance ambitions in Asia.
“We are delighted that the HKMA has granted HSBC a stablecoin issuer licence.”
— Maggie Ng, HSBC Hong Kong
HSBC’s entry is notable because it marks one of the first instances of a global systemically important bank obtaining a stablecoin issuer licence anywhere. For exchanges and payment platforms operating in Asia, a regulated HSBC-issued stablecoin could carry credibility advantages that newer entrants cannot match, a dynamic that parallels how institutional product updates from firms like Grayscale shape competitive positioning in other digital asset segments.
Only two licences were granted on April 10, 2026, despite the larger first-batch applicant pool of 36.
Licences granted on April 10, 2026
2
The 34 unsuccessful first-batch applicants now face a choice: refine their applications and re-engage with the HKMA, or redirect resources to other jurisdictions. For second-wave applicants entering the process fresh, the two approved licensees set a benchmark that any new filing will be measured against.
What the second application wave signals for issuers, exchanges, and users
More applicants competing for a deliberately limited number of licences creates a quality filter. The HKMA’s willingness to approve only 2 out of 36 applications suggests that second-wave applicants will need to demonstrate capabilities at least comparable to a Standard Chartered-backed consortium or HSBC.
For exchanges operating in Hong Kong, the licensing regime creates a shortlist of stablecoins that can be legally offered. As more issuers apply and potentially receive licences, exchange operators will have additional compliant options to list, though the HKMA’s signals suggest that “additional” may mean a small handful rather than dozens.
User trust is another dimension. Regulated stablecoins backed by licensed issuers offer redemption guarantees and reserve transparency that unregulated alternatives do not. In a market environment where confidence has been tested by sovereign reserve volatility and exchange failures, Hong Kong’s compliance-first approach could attract users who prioritize safety over yield.
Institutional participation may also accelerate. Banks and asset managers that previously avoided stablecoin exposure due to regulatory uncertainty now have a clear licensing framework to evaluate. The presence of HSBC as a licensed issuer lowers the perceived risk for peer institutions considering stablecoin-related products or services.
Key unknowns surrounding the new batch of license applications
No official HKMA document has explicitly labeled a new application window or pipeline as the “second batch.” The regulator’s statements confirm ongoing engagement with remaining and prospective applicants but stop short of announcing a formal new round.
The identities of any new applicants remain unconfirmed. No authoritative English-language source has named specific entities that have filed applications after the first-batch deadline of September 30, 2025. Until the HKMA updates its public register or issues a new press release, the composition of any second wave remains speculative.
Approval timelines are equally unclear. The first batch took over six months from the application deadline to the first licence grants, missing the HKMA’s earlier target. Second-wave applicants should expect a similar or longer review period, particularly given the regulator’s stated commitment to maintaining high thresholds.
Whether the HKMA will set a formal deadline for additional applications, or accept them on a rolling basis, has not been disclosed. The next concrete milestone to watch is any update to the HKMA’s register of licensed stablecoin issuers or a new regulatory announcement addressing the application pipeline.
FAQ about Hong Kong compliant stablecoin licenses
What does the “second batch” of Hong Kong stablecoin licence applications refer to?
It refers to applications filed or being prepared after the initial September 30, 2025 deadline. The HKMA has not formally labeled this as a second batch but has confirmed it will continue engaging with remaining and prospective applicants.
Does applying for a licence mean one has been granted?
No. The first batch saw 36 applications result in only 2 approvals. An application signals intent and begins the review process, but approval depends on meeting the HKMA’s capital, governance, reserve management, and compliance requirements.
Why does Hong Kong’s regulated approach matter to the stablecoin sector?
Hong Kong is one of the first major financial centers to implement a comprehensive licensing regime specifically for fiat-referenced stablecoin issuers. Its framework sets a standard that other jurisdictions are watching, and the involvement of institutions like HSBC signals that regulated stablecoins are becoming a mainstream financial product rather than a crypto-native experiment.
What is the minimum capital requirement for applicants?
The HKMA requires a minimum paid-up share capital of HKD 25,000,000, or equivalent approved financial resources, alongside broader requirements covering reserves, redemption, governance, and technology risk.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
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