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Hong Kong, April 1, 2026.
The Hong Kong Monetary Authority (HKMA) has missed its self-imposed March 2026 target for issuing the first licenses for HKD-referenced stablecoins, with zero applications approved as of today.
Key Takeaways
- As of April 1, 2026, the HKMA has issued zero HKD-referenced stablecoin licenses, missing the March target set by senior officials.
- The official HKMA Register of Licensed Stablecoin Issuers is still blank.
- Expected first movers, HSBC and the Standard Chartered–Animoca joint venture, have not yet received approval.
- HKMA confirms it is “actively” processing applications but offered no new timeline.
- The delay comes as Hong Kong seeks to compete with Singapore and the UAE in the global stablecoin race.
The official HKMA Register of Licensed Stablecoin Issuers remains empty, confirming no issuers have been green-lit under the new regulatory regime. The delay comes despite repeated public assurances, including from Financial Secretary Paul Chan in February, that initial licenses would be granted by the end of March.
Major global players, including HSBC and the joint venture between Standard Chartered and Animoca Brands, had been widely tipped as frontrunners to receive the first approvals. Both institutions participated in the HKMA’s stablecoin issuer sandbox launched in 2024 and were expected to lead Hong Kong’s push into fiat-referenced digital currencies.
An HKMA spokesperson told CoinDesk: “The Authority is actively taking forward the licensing matter and will announce further details in due course.” No revised timeline was provided.
The missed deadline marks the latest hiccup for Hong Kong’s ambitious plan to position itself as Asia’s leading crypto and fintech hub.
The Stablecoin Ordinance, which came into effect in 2025, requires issuers of HKD-referenced stablecoins to obtain a license from the HKMA, maintain full reserves, and comply with strict governance and transparency rules.
What This Means for Hong Kong’s Crypto Strategy
The absence of licensed HKD stablecoins removes a key piece of infrastructure that regulators hoped would boost on-chain payments, tokenised asset trading, and cross-border settlements in the city’s financial sector. Industry observers had anticipated that early licenses would catalyse further innovation and attract institutional capital.
While the HKMA has signalled continued commitment to the process, the lack of a concrete new timetable has left market participants waiting.
Analysts note that any further slippage could slow Hong Kong’s momentum in the rapidly evolving digital-asset landscape.
Conclusion
Today’s confirmation of the missed March target underscores the challenges of balancing regulatory prudence with the fast-moving pace of crypto innovation.
Hong Kong’s regulators have built a robust framework; the next step is delivering the first licenses to turn policy into practice.
Market watchers will be closely monitoring the HKMA’s next announcement for clarity on when the city’s first HKD stablecoins will finally go live.
Read Next:
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- Wirex and Crossmint Announce Stablecoin Card Integration
FAQs:
1. What are HKD-referenced stablecoins?
HKD-referenced stablecoins are digital tokens designed to maintain a 1:1 peg with the Hong Kong dollar. They must be fully backed by high-quality reserves and are regulated by the HKMA under the Stablecoin Ordinance.
2. Why did Hong Kong miss the March 2026 target?
The HKMA has not disclosed specific reasons. As of April 1, 2026, the official register shows zero approved issuers despite earlier statements from Financial Secretary Paul Chan and HKMA leadership targeting March for the first batch of licenses.
3. Which companies were expected to receive the first licenses?
HSBC and the Standard Chartered–Animoca Brands joint venture were the most widely anticipated first movers after participating in the HKMA’s stablecoin sandbox.
4. What did the HKMA say about the delay?
A spokesperson confirmed the authority is “actively taking forward the licensing matter” and will “announce further details in due course,” without providing a new timeline.
5. When will the first HKD stablecoin licenses be issued?
No revised date has been given. The HKMA has only stated that updates will come “in due course.”
Disclaimer:
This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.
