Two Major Banks Obtain Stablecoin Licences in Asia's Business Hub
Two global banking powerhouses, HSBC and Standard Chartered, are expected to become the first recipients of stablecoin issuer licences in Hong Kong. This follows reports from the South China Morning Post (SCMP) and Bloomberg.
According to The Block on 14 March 2026, both major banks are likely to be among the first wave of licence approvals under Hong Kong’s new licensing regime. Under this regulatory framework, any company wishing to issue stablecoins in Hong Kong must obtain a licence from the Hong Kong Monetary Authority (HKMA).
Both HSBC and Standard Chartered are among the city’s note-issuing banks, a group that HKMA has indicated will be prioritised when issuing stablecoin licences. Although the exact schedule for approvals has not been finalised, licences could be issued around 24 March.
HSBC has not yet commented on the reports. Standard Chartered declined to comment, and an HKMA spokesman stated that the authority does not comment on market rumours.
Hong Kong officials have previously confirmed that the first batch of stablecoin issuer licences will arrive shortly. During the 2026-2027 budget speech last month, Finance Minister Paul Chan said the government plans to issue the first batch of stablecoin issuer licences in March.
Eddie Yue, Chief Executive of HKMA, also stated in early February that the regulator received 36 applications under the new framework.
The stablecoin licensing regime forms part of Hong Kong’s broader effort to position itself as a global cryptocurrency hub. Since announcing its crypto strategy in 2022, the government has introduced a licensing system for crypto exchanges and established regulations governing stablecoins.
Hong Kong has tested its regulatory framework through a stablecoin sandbox launched in 2024, allowing prospective issuers to experiment with token designs under regulatory oversight. Participants have included a joint venture led by Standard Chartered, Animoca Brands, and Hong Kong Telecommunications.