#HongKongStablecoinIssuerLicenseList

As of March 2026, the Hong Kong Monetary Authority (HKMA) is in the final stages of approving its first official stablecoin issuer licenses.

While the Register of Officially Licensed Stablecoin Issuers is currently empty, several major institutions have been identified as leading candidates to receive the first licenses, with these expected to be announced in late March 2026.

Expected First Licensed Issuer Group

According to current industry reports and regulatory timelines, the primary candidates for the first set of licenses are:

HSBC: Reportedly among the first, despite not participating in the initial trial environment.

Standard Chartered Bank (Hong Kong): A significant participant in the HKMA trial environment and a major advocate for HKD-indexed stablecoins.

OSL Group: A licensed virtual asset trading platform progressing towards becoming a stablecoin issuer.

Founded by former Hong Kong Monetary Authority Chairman Norman Chan, this firm is currently testing a stablecoin in its trial phase.

Regulatory Context: 2026 Milestone

Hong Kong's regulatory regime for stablecoins officially came into effect on August 1, 2025, following the adoption of the Stablecoin Ordinance.

March 2026 Deadline: This is a critical deadline. Existing stablecoin issuers operating in Hong Kong must obtain full licenses by the end of this month or cease their regulated operations in the city.

Retail Access: Only stablecoins issued by HKMA-licensed entities can be offered to retail investors in Hong Kong.

Key Requirements: Licensed issuers must have a minimum paid-in capital of HK$25 million, provide a 1:1 payback on the nominal value, and maintain 100% reserve backing in high-quality liquid assets.

Trial Environment Participants

Launched in March 2024, the "Stablecoin Issuers Trial Environment" allowed these firms to test their operations before the full licensing regime came into effect.