The Hong Kong Monetary Authority (HKMA) has taken a major step in fintech development: HSBC Holdings and Standard Chartered have become the first banks licensed to issue stablecoins. Joining them is the cryptocurrency exchange OSL.
Out of 36 submitted applications, the regulator approved only three - possibly four - projects in the initial stage. According to Bloomberg insiders, the official announcement is expected no earlier than March 24.
This move makes Hong Kong one of the first jurisdictions in the world where banks themselves are authorized to issue stablecoins. In the global context, it establishes a third major regulatory hub for digital assets, alongside the United States (GENIUS Act) and the European Union (MiCA).
What this means for the market:
- Banks are becoming key participants in the stablecoin sector.
- Hong Kong strengthens its position as an international financial hub.
- The world gains a new anchor point for digital payment regulation.
This step could accelerate the integration of crypto solutions into the traditional banking system and set the tone for future global regulation.