Hong Kong Warns: Unlicensed Stablecoins Are Illegal, AnchorX Under Scrutiny

HKMA Sends a Clear Signal to Investors The Hong Kong Monetary Authority (HKMA) has issued a stern warning to investors: there are currently no licensed stablecoin issuers in the city, meaning that the marketing or distribution of such products is considered illegal. The statement came shortly after local firm AnchorX announced the launch of its stablecoin AxCNH, pegged to the offshore Chinese yuan. AnchorX claims it holds a license from Kazakhstan’s Astana Financial Services Authority and that the token will support cross-border payments and tokenized real-world assets (RWA).

HKMA: No License, No Trust On its official WeChat account, HKMA emphasized that: No entity in Hong Kong holds a license to issue stablecoins,The public should exercise maximum caution,Violations of the rules may carry legal consequences. This marks the first major test of Hong Kong’s new stablecoin regulations, which came into effect this August. Under the framework, all issuers must meet strict requirements for capital, governance, and licensing, or risk enforcement actions.

AnchorX and Timing That Raises Questions The timing of the warning is notable. Recently, China’s securities regulator instructed brokerage firms to suspend tokenization of real-world assets in Hong Kong, citing concerns over risk management and market stability. As a result, AnchorX faces pressure even before its AxCNH token gains broader adoption. If the company intends to rely on licensing outside Hong Kong, it could spark regulatory clashes and conflicts with the city’s new rules.

The Future of Stablecoins in Hong Kong For Hong Kong, this case is a precedent. It will demonstrate how strictly the city enforces its new stablecoin regime and whether it will tolerate projects operating under licenses from foreign jurisdictions. One thing, however, is clear: without a license directly from HKMA, stablecoins have no path to legal recognition in Hong Kong.

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