Hong Kong Monetary Authority regulator
Overview
The Hong Kong Monetary Authority (HKMA) is Hong Kong's central banking institution, responsible for monetary stability under the Linked Exchange Rate System, banking supervision, and management of the Exchange Fund. Under the Stablecoins Ordinance, which came into effect in August 2025, the HKMA became the licensing authority for any business issuing fiat-referenced stablecoins in Hong Kong or issuing Hong Kong dollar-referenced stablecoins anywhere in the world. It granted the first stablecoin issuer licences in April 2026, with HSBC among the initial recipients. The HKMA also runs Project Ensemble, a wholesale tokenized-deposit and settlement initiative.
Within the DeFi Intel graph, Hong Kong Monetary Authority connects to 14 tracked entities, most strongly to HSBC, Hsbc Orion, Anchorpoint Financial.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 10 of 14 total).
| Relation | Connected entity | Confidence |
|---|---|---|
partnered_with | HSBC | 95% |
integrates | Hsbc Orion | 95% |
granted_license | Anchorpoint Financial | 95% |
launched | Project Ensemble | 95% |
issued | HKMA HK$6B multi-currency digital green bond on HSBC Orion | 95% |
regulated_by | HSBC | 90% |
granted_license | HSBC | 90% |
headquartered_in | Hong Kong | 85% |
regulated_by | HSBC Gold Token | 85% |
partnered_with | Banque de France | 85% |
Frequently asked questions
What is the Hong Kong Monetary Authority?
The Hong Kong Monetary Authority (HKMA) is Hong Kong's central banking institution, responsible for monetary stability under the Linked Exchange Rate System, banking supervision, and management of the Exchange Fund.
What is the HKMA's role under the Stablecoins Ordinance?
Under the Stablecoins Ordinance, which came into effect in August 2025, the HKMA became the licensing authority for any business issuing fiat-referenced stablecoins in Hong Kong or issuing Hong Kong dollar-referenced stablecoins anywhere in the world.
What is Project Ensemble?
Project Ensemble is a wholesale tokenized-deposit and settlement initiative run by the Hong Kong Monetary Authority.