TLDR
- The HKMA warns that no yuan-pegged stablecoins are approved in Hong Kong.
- AnchorX’s AxCNH stablecoin is unlicensed, and its marketing is deemed illegal
- Hong Kong’s new stablecoin rules require stringent licensing and governance.
- The HKMA urges caution amid rising stablecoin activity in Hong Kong’s crypto market.
The Hong Kong Monetary Authority (HKMA) has issued a warning about unapproved stablecoins in the city, specifically targeting those pegged to the offshore yuan. This alert follows recent claims that a Hong Kong-based company, AnchorX, introduced AxCNH, a stablecoin pegged to the Chinese yuan. The HKMA clarified that it has not granted licenses for any stablecoin issuers, emphasizing that marketing and issuing such digital currencies without regulatory approval is illegal.
The warning is part of Hong Kong’s ongoing efforts to regulate the growing digital asset space, particularly with its newly established framework for stablecoins. The HKMA urged investors to be cautious and remain vigilant about unregulated products.
AnchorX’s Unlicensed Stablecoin Raises Concerns
AnchorX, the firm behind the AxCNH stablecoin, claimed it held a license from Kazakhstan’s Astana Financial Services Authority. The company announced that its stablecoin would facilitate cross-border payments and the tokenization of real-world assets.
However, despite its license from Kazakhstan, the HKMA made it clear that AxCNH does not have authorization to operate in Hong Kong.
This situation marks a significant moment for Hong Kong’s stablecoin regulatory regime, which was introduced in August 2025. The new regulations set strict requirements for entities seeking to issue stablecoins in the city. They must meet rigorous standards for licensing, capital, and governance. Without meeting these criteria, stablecoin issuers like AnchorX cannot legally operate within Hong Kong’s borders.
Hong Kong’s Stablecoin Regulation and Its First Test
Hong Kong’s regulatory approach to digital assets is being tested with this new stablecoin initiative. The rules for stablecoin issuance, which came into effect in August 2025, are part of a broader effort to create a clear and safe environment for cryptocurrency activities.
The HKMA’s firm stance on unlicensed stablecoins highlights the city’s commitment to ensuring that only compliant entities can participate in the growing market for digital currencies.
The new stablecoin framework has drawn attention from both local and international players in the crypto space. While Hong Kong aims to become a leader in digital finance, it has also faced pressure from some market participants seeking to avoid stringent regulations. The HKMA’s warning is a clear message that unlicensed activities will not be tolerated.
Global Context and Hong Kong’s Regulatory Role
This warning from the HKMA comes at a time when other global regulators, including China’s securities authority, are also expressing concerns about the rising interest in real-world asset (RWA) tokenization. China’s regulator recently urged firms in Hong Kong to pause tokenizing real-world assets, citing risk management concerns.
Despite this, Hong Kong has positioned itself as a hub for cryptocurrency innovation, balancing between encouraging growth and ensuring regulatory compliance. The HKMA’s decision to intervene in the case of AxCNH reflects its proactive approach to maintaining control over the digital asset market while fostering innovation.
For now, the HKMA’s focus remains on ensuring that only authorized and compliant stablecoins are issued in the city. With the global cryptocurrency market continuing to grow, Hong Kong’s regulatory environment will likely play a pivotal role in shaping the future of digital finance in the region.
