ExclusiveHong Kong poised to grant first stablecoin licences to HSBC, Standard Chartered: sources
The approvals would mark a milestone in Hong Kong’s push to regulate stablecoins while positioning itself as a global digital asset centre
HSBC and a joint venture led by Standard Chartered are expected to be among the first companies to obtain Hong Kong’s stablecoin licences within two weeks, according to people familiar with the matter.
The number of licences and timetable had yet to be finalised and remained subject to change, but sources said a possible date was March 24. The two banks declined to comment. The Hong Kong Monetary Authority (HKMA) last month revealed that a small number of stablecoin licences would be granted this month after assessing 36 applications.
The possible approval of established players reflects the city’s stringent approach to regulating stablecoins – cryptocurrencies typically pegged to a fiat currency – since its Stablecoin Ordinance took effect last August.