A developing framework covering virtual assets and stablecoins. This page sets out the authorisations a stablecoin business needs in Hong Kong, who grants each one and what it covers, alongside how many companies hold them today. The figures come from the registers Anvesan reads and are updated as those registers change.
These 41 authorisations belong to 38 companies. The company-level records are in Atlas Pro.
One authorisation can cover several activities, so these figures overlap.
The main activities a stablecoin business may carry out, and the authorisation each one requires. A business carrying out several activities may need more than one licence.
Issuing a fiat-referenced stablecoin in Hong Kong, or any HKD-pegged FRS anywhere, requires a stablecoin issuer licence from the HKMA under the Stablecoins Ordinance (Cap. 656), in force since 1 August 2025. The first two licences were granted on 10 April 2026 (HSBC and Anchorpoint Financial).
There is no live standalone virtual-asset custodian licence yet. Custody is currently captured only when bundled into a regulated activity (e.g. an SFC-licensed VATP custodying client assets, or Type 1/Type 7 licensed corporations). A dedicated AMLO-based VA custodian licensing regime is incoming, with consultation conclusions published 24 December 2025 and a bill targeted for the Legislative Council in 2026.
Operating a centralised virtual asset trading platform (fiat-to-crypto or crypto-to-crypto), or actively marketing such services to Hong Kong investors, requires a VATP licence from the SFC under dual SFO + AMLO regimes. The regime has been live since 1 June 2023.
Issuing or operating a multi-purpose stored-value facility (e-money / prepaid value, including device- and network-based wallets) requires a Stored Value Facility (SVF) licence from the HKMA under the Payment Systems and Stored Value Facilities Ordinance (Cap. 584). Mandatory since 13 November 2016.
There is no stablecoin- or card-specific licence. A consumer spend app that loads fiat or stablecoin value into a wallet/prepaid card and pays third parties is captured as a multi-purpose SVF (HKMA licence under Cap. 584). Card-network/BIN-sponsor activity is typically performed by licensed banks; pure acquiring/processing is largely unregulated unless it stores float or is a designated payment system.
Remittance and money-changing services (including online and stablecoin-enabled cross-border value transfer) require a Money Service Operator (MSO) licence from the Customs and Excise Department under AMLO (Cap. 615). The regime is live and AML/CFT-focused.
The statutory clock is the formal decision period, where the regulator publishes one. “Observed” is the real-world timeline reported by applicants, not a figure the regulator sets. Capital is the regulatory minimum, not legal or advisory fees. Where a figure is not yet available, we show “Unavailable”; where one exists but Anvesan has not verified it, we show “Not sourced”.
| Licence | Statutory clock | Observed | Minimum capital | In the Atlas |
|---|---|---|---|---|
| Stablecoin Issuer Licence (fiat-referenced stablecoin issuer) | Not published | 2 of 36 granted | HK$25 million paid-up | Not mapped |
| VA custody as ancillary to a VATP licence (current path) | Not published | 12 to 18 months | HK$5 million paid-up | Not mapped |
| VA Custodian Service Provider Licence (standalone) | Not published | 12 to 18 months | HK$5 million paid-up | Not mapped |
| Virtual Asset Trading Platform (VATP) operator licence (dual licence under SFO and AMLO) | Not published | 12 to 18 months | HK$5 million paid-up | Not mapped |
| Stored Value Facility (SVF) licence | Not published | Not sourced | Not sourced | Not mapped |
| Stored Value Facility (SVF) licence (for prepaid/spend wallets loading fiat or stablecoin value) | Not published | Not sourced | Not sourced | Not mapped |
| Money Service Operator (MSO) licence | Not published | Not sourced | Not sourced | Not mapped |
The Atlas column maps a licence to a tracked licence family only where the two are the same thing. Where they are not, it reads Not mapped, and the family counts are in Authorisations by licence above.
The Stablecoins Ordinance does not publish a decision deadline for the HKMA. Anvesan has not established a statutory deadline, so we do not infer one.
The HKMA received 36 applications and had granted two by 10 April 2026, having said it expected to grant only a handful initially. A pre-existing issuer had a three-month transitional window from 1 August 2025 to apply.
| Minimum paid-up share capitalfor a non-bank issuer | HK$25 million |
|---|
Reserve assets are held separately at full backing, segregated from the issuer's own funds.
Application fee Not published by the HKMA. Licensees pay ongoing licence fees once granted.
The SFC does not publish a decision period for a virtual asset trading platform licence. Anvesan has not established a statutory deadline, so we do not infer one.
Around nine to eighteen months from a mature application to a grant, and up to twenty-four months where the SFC's queries run long.
| Minimum paid-up share capital | HK$5 million |
|---|---|
| Liquid capitalunder the Securities and Futures (Financial Resources) Rules | Above the required liquid capital |
Client virtual assets are held in trust through an associated entity, with the substantial majority in cold storage.
Application fee HK$23,070 per applicant, one off and non-refundable.
The SFC does not publish a decision period for a virtual asset trading platform licence. Anvesan has not established a statutory deadline, so we do not infer one.
Around nine to eighteen months from a mature application to a grant, and up to twenty-four months where the SFC's queries run long.
| Minimum paid-up share capital | HK$5 million |
|---|---|
| Liquid capitalunder the Securities and Futures (Financial Resources) Rules | Above the required liquid capital |
Client virtual assets are held in trust through an associated entity, with the substantial majority in cold storage.
Application fee HK$23,070 per applicant, one off and non-refundable.
The SFC does not publish a decision period for a virtual asset trading platform licence. Anvesan has not established a statutory deadline, so we do not infer one.
Around nine to eighteen months from a mature application to a grant, and up to twenty-four months where the SFC's queries run long.
| Minimum paid-up share capital | HK$5 million |
|---|---|
| Liquid capitalunder the Securities and Futures (Financial Resources) Rules | Above the required liquid capital |
Client virtual assets are held in trust through an associated entity, with the substantial majority in cold storage.
Application fee HK$23,070 per applicant, one off and non-refundable.
The HKMA does not publish a decision period for a stored value facility licence, and the Customs and Excise Department does not publish one for a money service operator licence. Anvesan has not verified whether either ordinance sets one.
Anvesan has not verified a decision range for these licences.
| Capital requirement | Not sourced |
|---|
This is not an SFC licence, and the SFC's paid-up capital figure does not apply to it.
Application fee Not sourced
The HKMA does not publish a decision period for a stored value facility licence, and the Customs and Excise Department does not publish one for a money service operator licence. Anvesan has not verified whether either ordinance sets one.
Anvesan has not verified a decision range for these licences.
| Capital requirement | Not sourced |
|---|
This is not an SFC licence, and the SFC's paid-up capital figure does not apply to it.
Application fee Not sourced
The HKMA does not publish a decision period for a stored value facility licence, and the Customs and Excise Department does not publish one for a money service operator licence. Anvesan has not verified whether either ordinance sets one.
Anvesan has not verified a decision range for these licences.
| Capital requirement | Not sourced |
|---|
This is not an SFC licence, and the SFC's paid-up capital figure does not apply to it.
Application fee Not sourced
Regulatory changes only: what is being decided, by whom, and when. Company-level licence changes are tracked in Atlas Pro. Reviewed 10 September 2026.
Two of 36 applications were granted on 10 April 2026. The HKMA had said it expected to grant only a handful initially. Pre-existing issuers had a three-month window from 1 August 2025 to apply.
What changes 36 applications and two licences. Hong Kong's regime is open in law and narrow in practice.
Issuing a fiat-referenced stablecoin in Hong Kong, or a Hong Kong dollar stablecoin anywhere, requires an HKMA licence from that date.
What changes It set the HK$25 million paid-up capital floor and the full-backing requirement that every applicant is now measured against.
Hong Kong Stablecoins Ordinance
Atlas tracks 41 authorisations across 38 companies in Hong Kong, read from official registers and checked on 12 October 2026. Of those, 18 are licensed, 7 are in the pipeline, and 16 have ended.
Hong Kong Monetary Authority (HKMA). The framework is Stablecoins Ordinance.
This page lists 7 authorisations, each with the regulator that grants it and what triggers the requirement. Which one applies depends on the activity.
It depends which authorisation. The licence table carries the statutory decision period where a law sets one, the timeline applicants report in practice, and the minimum capital for each. Where a regime is not yet in force, we show “Unavailable”.