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Hong Kong Licensed Stablecoin Issuers: The HKMA Register and How to Verify an FRS Licence
Checked 2026-10-10, the HKMA register (page marked revised 23 April 2026) lists two licensees: Anchorpoint Financial Limited (FRS01) and The Hongkong and Shanghai Banking Corporation Limited (FRS02), both effective 10 April 2026. An application or sandbox is not a licence.
- Jurisdiction
- Hong Kong
- Regulator
- Hong Kong Monetary Authority (HKMA)
- Legal basis
- Stablecoins Ordinance (Cap. 656, in force 1 August 2025)
- Verified
- 2026-10-10
What the ordinance covers
The Stablecoins Ordinance (Cap. 656) came into force on 1 August 2025 and establishes a licensing regime for issuers of fiat-referenced stablecoins (FRS). Two activities fall within scope: issuing fiat-referenced stablecoins in Hong Kong, and issuing stablecoins pegged to the Hong Kong dollar regardless of where the issuer is located. In other words, an offshore issuer that issues an HKD stablecoin needs an HKMA licence all the same.
The ordinance pairs licensing with sales-side restrictions: only stablecoins from licensed issuers may be sold to the Hong Kong retail public, and advertising is also restricted. That rules out the "issue first, get licensed later" approach in Hong Kong.
Core licensing requirements
Financial threshold: paid-up capital or approved financial resources of at least HKD 25 million. Reserve assets are the heart of the regime: they must consist of high-quality, highly liquid assets whose market value fully covers the face value of stablecoins in circulation, held in custody segregated from the issuer's own assets, with regular disclosure and audits. Holders must have the right to redeem at par, and redemption must not carry unreasonable conditions. Two hard rules are easy to miss: issuers must not pay interest to stablecoin holders, and appointments of key personnel require the HKMA's prior consent. Issuers must also publish a white paper and meet fit and proper and AML/CFT requirements.
Application process and current state
The HKMA has published Explanatory Notes on the Licensing of Stablecoin Issuers. Applicants prepare under the notes and contact the HKMA (the first round of expression-of-interest engagement ran until 31 August 2025), then file a formal application for review; successful applicants are entered in the official register of licensees. The HKMA has said publicly that it will license sparingly and prudently, with only a limited number of licences in the first batch. The regulator has not published an application fee or processing time.
For most practitioners the near-term question is not how to get a licence but how to use stablecoins compliantly: checking whether a stablecoin's issuer appears in the HKMA register determines whether it can be sold to the Hong Kong retail public.
Licensees on the register (reviewed 10 October 2026)
The HKMA keeps the register under section 21 of the Stablecoins Ordinance for public inspection. When opened on 10 October 2026 the table still had two rows, and the page was marked Last revision date : 23 April 2026. Both effective dates are 10/04/2026, matching the 10 April 2026 press release. That release says the licences took effect the same day and that, according to the licensees' business plans, they intended to finish preparation and launch business in the following months. A name on the register does not mean a stablecoin has been issued to the public. Neither the register nor that release states whether issuance has started. That is unknown.
Anchorpoint Financial Limited, licence number FRS01. The register gives its principal place of business in Hong Kong as 6/F, Standard Chartered Building, 4–4A Des Voeux Road Central, Hong Kong, and the email [email protected]. The Hongkong and Shanghai Banking Corporation Limited, licence number FRS02. The register gives the address 1 Queen’s Road Central, Hong Kong, and the email [email protected]. The table is in alphabetical order of the English name. Do not treat a press quote, a sandbox cohort or an “application submitted” line as a licence unless that row is on the register.
Official portals and sources
- HKMA stablecoin issuers pagehkma.gov.hk
- Explanatory Notes on Licensing (official PDF)hkma.gov.hk
- Register of licensed stablecoin issuers (official)hkma.gov.hk
- HKMA press release: granting of stablecoin issuer licences (10 April 2026)hkma.gov.hk
All links above point to official government, registry, regulator, bank or standards body sites, verified on 2026-10-10.
FAQ
- Who holds a Hong Kong stablecoin issuer licence?
- The HKMA register reviewed on 10 October 2026 (page marked revised 23 April 2026) lists only Anchorpoint Financial Limited (FRS01) and The Hongkong and Shanghai Banking Corporation Limited (FRS02). Both are effective 10 April 2026. If the register changes, the table on the page controls.
- How do I verify that a company is licensed?
- Open the HKMA register of licensed stablecoin issuers and match the legal name, licence number and effective date. The 10 April 2026 press release is the announcement. It does not replace the register. The HKMA tells the public to check the register or contact the licensee if in doubt.
- Does an application or a sandbox count as a licence?
- No. The register lists persons licensed under section 15(1) of the Stablecoins Ordinance. An expression of interest, a sandbox, in-principle approval, or a claim that a licence is imminent is not a licence while the row is absent. A licence in force also does not mean a coin has been issued to the public.
- How is this licence different from a VATP or an MSO?
- The stablecoin issuer licence is granted by the HKMA under the Stablecoins Ordinance to issuers of fiat-referenced stablecoins. Register numbers begin with FRS. A virtual asset trading platform (VATP) licence is a separate Securities and Futures Commission regime. A money service operator (MSO) licence is issued by Customs for remittance and money changing. The three registers are not substitutes. An SVF licence covers stored value facilities.
- Can USDT and USDC still be used in Hong Kong?
- The ordinance regulates issuance and sale or marketing to the Hong Kong retail public, not personal holding. Stablecoins from unlicensed issuers cannot be sold to the Hong Kong retail public; check the HKMA register and announcements for the compliance status of a specific product. As of this review, neither register row is the issuer of USDT or USDC.
- Does an offshore company issuing an HKD stablecoin need a Hong Kong licence?
- Yes. The ordinance expressly covers HKD-pegged stablecoins issued inside or outside Hong Kong. This dual jurisdiction, by territory and by pegged currency, is a distinctive feature of the law.
- How does the stablecoin licence relate to the SVF licence?
- They sit under two different ordinances: the SVF regime covers stored value facilities (topped-up balances), while the Stablecoins Ordinance covers issuance of fiat-referenced stablecoins. A business touching both must be assessed under each regime; for structuring, consult a Hong Kong legal adviser.
Related entries
Browse the global stablecoin control and freeze mechanism directoryBrowse licensed institutions in Hong Kong
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