Hong Kong has missed its target of issuing HKD stablecoin licenses by the end of March. Despite public statements from Financial Secretary Paul Chan Mo-po in February at Consensus Hong Kong, no licenses have been approved as of April 1, 2026. The delay raises questions about the timeline for implementing the city’s stablecoin framework.
(HKMA Register of Licensed Stablecoin Issuers as of April 1, 2026)
Chan emphasized that licensees must demonstrate novel use cases, a credible business model, and strong regulatory compliance. HSBC and a joint venture between Standard Chartered and Animoca were reportedly expected to receive the first licenses, leveraging their status as note-issuing banks tied to the Hong Kong dollar issuance framework.
The HKMA spokesperson declined to comment on the delay, stating they are actively working on the licensing matter and will provide further details when ready.