Overview

• The HKMA said on its official WeChat channel that no entity is authorized to issue stablecoins in the city.
• The notice followed AnchorX’s announcement of AxCNH, a token pegged to the offshore Chinese yuan.
• AnchorX says it holds a license from Kazakhstan’s Astana Financial Services Authority, which the HKMA says does not permit operation in Hong Kong.
• Hong Kong’s stablecoin regime that took effect in August 2025 requires strict licensing, capital, and governance standards before launch.
• The warning comes after China’s securities regulator recently urged firms to pause real‑world‑asset tokenization activity in Hong Kong.