Hong Kong Grants Its First Two Stablecoin Licenses

As the US debates legislation to normalize crypto, China isn’t sitting still. Today, Hong Kong granted its first stablecoin licenses, with HSBC and Standard Chartered JV grabbing the coveted permission. Hong Kong has granted stablecoin issuer licenses to HSBC Holdings and Anchorpoint Financial, which is a joint venture between Standard Chartered, HKT, and Animoca Brands. This is a meaningful signal that Hong Kong, despite China’s on-again off-again relationship to crypto, seeks to become a regulated hub for stablecoins. These formal licenses set guidelines for reserve requirements, audits and other regulations aimed at consumer protection, bringing the wild west of crypto into something looking more like traditional banking. As more and…