Hong Kong prepares stablecoin licenses with HSBC and Standard Chartered

• Hong Kong begins licensing stablecoins in March.
• HSBC and Standard Chartered lead regulatory approval.
• Regulation expands Hong Kong's role in cryptocurrencies.

Hong Kong is poised to embark on a new phase in cryptocurrency regulation. Local authorities are expected to grant the first licenses for issuing stablecoins this month, and two major international banks are among the leading candidates: HSBC and Standard Chartered.

Market reports indicate The two financial institutions may be among the first group authorized to operate under the new regulatory regime created by the Hong Kong Monetary Authority (HKMA). This model requires companies to obtain official approval before issuing stablecoins in the territory.

The potential inclusion of the two banks is not considered a surprise. HSBC and Standard Chartered are part of the select group of institutions authorized to issue banknotes in Hong Kong, a position that may favor their priority in the licensing process.

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The exact timeline for the authorizations has not yet been officially defined. Even so, there is an expectation in the financial sector that the first licenses could be released around March 24th.

Contacted for comment, HSBC did not immediately respond to requests for a statement. Standard Chartered also chose not to comment on the information released. HKMA reiterated that it does not usually comment on market speculation.

The issuance of the first licenses had already been confirmed by local authorities. During the presentation of the 2026-27 budget, Hong Kong's Finance Secretary, Paul Chan, stated that the government plans to release the first batch of stablecoin authorizations in March.

Companies' interest in the new regulatory model has been significant. In early February, HKMA's CEO, Eddie Yue, reported that the regulatory body had received 36 applications related to the licensing regime.

The stablecoin system is part of a broader strategy adopted by Hong Kong to strengthen its presence in the cryptocurrency sector. Since 2022, the local government has been implementing rules for companies in the sector and creating a more structured regulatory environment.

As part of this process, authorities launched a regulatory sandbox for stablecoins in 2024. The program allowed companies to test token projects under the direct supervision of the regulator.

Among the participants in the testing environment were a joint venture led by Standard Chartered, as well as Animoca Brands and Hong Kong Telecommunications, companies that worked on developing stablecoin models and blockchain-based financial applications.