Overview

• The HKMA said on its WeChat channel that it has not licensed any stablecoin issuers in Hong Kong and cautioned the public to be wary of unapproved products.
• Regulators stated that issuing or marketing stablecoins without authorization is illegal under rules that took effect in August 2025.
• AnchorX announced AxCNH, a stablecoin pegged to the offshore yuan, and cited a license from Kazakhstan’s Astana Financial Services Authority.
• The HKMA clarified that a foreign license does not permit issuance or promotion in Hong Kong, so AxCNH is not authorized to operate locally.
• China’s securities regulator recently urged brokerages to pause real‑world asset tokenization in Hong Kong, adding pressure as many firms pursue licenses that authorities have signaled may not be granted this year.