HSBC, Standard Chartered to be first recipients of Hong Kong stablecoin licenses: reports
HSBC and Standard Chartered are reportedly set to receive Hong Kong's first stablecoin licenses under the new regime, possibly by March 24.Summary
Banking giants HSBC and Standard Chartered are expected to be among the initial recipients of Hong Kong's new stablecoin licenses, according to reports citing sources familiar with the matter. These approvals fall under Hong Kong's new licensing framework, which requires local firms issuing stablecoins to secure a license from the Hong Kong Monetary Authority (HKMA). Both banks are note-issuing banks, a group the HKMA plans to prioritize. Licenses could be issued around March 24. This move is part of Hong Kong's broader strategy to become a global crypto hub, following the introduction of a licensing system for crypto exchanges and rules governing stablecoins. The HKMA has received 36 applications under the new framework, and the regulatory push follows testing through a stablecoin sandbox that included a joint venture led by Standard Chartered.
(Source：The Block)