Hong Kong Monetary Authority issues first stablecoin issuer licenses, HSBC and Standard Chartered are among the licensees

April 10th, the Hong Kong Monetary Authority (HKMA) announced that, in accordance with the Stablecoin Ordinance (Chapter 656), it officially granted stablecoin issuer licenses to Dingdian Fintech Limited and Hongkong and Shanghai Banking Corporation Limited, with the licenses taking effect on the same day.

It is worth noting that Dingdian Fintech is a joint venture established by Standard Chartered Bank (Hong Kong) Limited, Hong Kong Telecom (HKT) Limited, and Animoca Brands Limited.

According to the plans of these two licensed institutions, after completing their internal preparations, they are expected to officially commence stablecoin issuance operations within the coming months. Among them, Standard Chartered’s license number is FRS01, and HSBC’s license number is FRS02.

The HKMA Chief Executive, Eddy Yue, stated that the regulatory framework established by the HKMA aims to create a standardized and orderly operating environment for stablecoin issuers, build a solid safety foundation for industry development, and promote the healthy, responsible, and sustainable growth of Hong Kong’s stablecoin ecosystem.

The HKMA has set up a licensed record register for stablecoin issuers on its official website, which contains detailed and up-to-date lists of licensees and related information. This initiative provides the public with a convenient query channel, ensuring transparency and accessibility of market information.

When participating in the stablecoin market, the public should remain vigilant. To verify the legitimacy of an issuer, they can consult the record register provided by the HKMA to ensure their rights and interests are effectively protected.

#香港金管局 #Stablecoin license