Frankfurt and Hong Kong
Frankfurt and Hong Kong are financial centers that license stablecoin issuers under different laws: Hong Kong under its Stablecoins Ordinance since August 2025, Germany and the rest of the EU under MiCA since June 2024. Deutsche Börse from Frankfurt runs representative offices of Eurex and Clearstream in Central, the financial district of Hong Kong.
For a fintech, crypto firm or bank from Hong Kong, Frankfurt is a route into Germany and the other member states of the European Union. A license from the SFC or the HKMA does not count in the EU, so a firm from Hong Kong needs an EU license, and a German license from BaFin reaches every other member state.
Stablecoins in Hong Kong and under MiCA
The Stablecoins Ordinance, Cap. 656, came into effect on 1 August 2025 and requires a license from the Hong Kong Monetary Authority for issuers of fiat-referenced stablecoins. A licensed issuer needs paid-up share capital of at least HK$25 million and reserve assets that match the stablecoins in circulation. On 10 April 2026 the HKMA granted the first two licenses, to HSBC and to Anchorpoint Financial, a joint venture of Standard Chartered, HKT and Animoca Brands, after 36 applications.
A stablecoin licensed in Hong Kong may not be offered to the public in the EU on that license. MiCA allows only banks and e-money institutions authorized in the EU to issue e-money tokens there, so an issuer from Hong Kong needs a second authorization in a member state. The rules for stablecoins in the EU set out the reserve and redemption duties that apply on top.
Eurex and Clearstream in Central
Eurex opened its Hong Kong representative office in February 2009, and the office of Eurex Frankfurt AG sits today in the Man Yee Building at 68 Des Voeux Road Central. The Hong Kong representative office of Clearstream Banking S.A. works at the same address, and so does Clearstream Fund Centre (Hong Kong) Limited.
The offices look after clients in Asia who trade on Eurex or hold securities and fund units through Clearstream. Every trade on Eurex clears at Eurex Clearing in Frankfurt, wherever the trader sits.
From an SFC license to an EU license
A virtual asset trading platform licensed by the Securities and Futures Commission in Hong Kong gains no access to customers in the EU from that license. A crypto firm from Hong Kong needs a CASP license under MiCA, which BaFin grants in Germany, and a payment or e-money institution needs an authorization under the PSD2 rules.
A BaFin license can be used across the EU through EU passporting. Banks from Hong Kong that take deposits, lend or give guarantees to EU clients need an authorized EU branch from 11 January 2027 under Article 21c of Directive (EU) 2024/1619.
mBridge and the Eurosystem
The Hong Kong Monetary Authority built Project mBridge with the central banks of Thailand, mainland China and the United Arab Emirates and the BIS Innovation Hub. The BIS handed the platform over to its partners in October 2024, when it listed the European Central Bank and the Banque de France among 31 observers.
mBridge carries the central bank money of its member jurisdictions and no euro. Settlement of DLT transactions in euro central bank money runs through Pontes, the service of the Eurosystem that started on 21 September 2026.
Upcoming finance and fintech events in Frankfurt and Europe
When is Hong Kong FinTech Week 2026?
Hong Kong FinTech Week x StartmeupHK 2026 runs from 2 to 6 November 2026. The main conference takes place on 2 and 3 November at the Hong Kong Convention and Exhibition Centre, followed by community events across the city.
Who holds a stablecoin license in Hong Kong?
HSBC and Anchorpoint Financial hold the first stablecoin issuer licenses of the HKMA, both effective from 10 April 2026. Both plan stablecoins backed by the Hong Kong dollar, and the HKMA keeps a public register of all licensed issuers.
Frankfurt contacts for teams from Hong Kong
Finance Loop is a professional network for emerging technologies in finance with more than 4,000 members, built in collaboration with Frankfurt Main Finance and TechQuartier. Finance Loop events in Frankfurt bring visitors from Hong Kong together with banks, asset managers, supervisors and fintechs in Germany.
A team from Hong Kong can join a Finance Loop delegation to events such as Frankfurt Digital Finance and get personal introductions from the Finance Loop team. Anyone working in finance, IT or AI can sign up for the free Network Membership.
Frankfurt, Hong Kong and Finance Loop
Finance Loop runs its events in Frankfurt and brings teams from Hong Kong together with the banks, supervisors and fintechs that work under EU rules. Teams from Hong Kong can meet Finance Loop members at events in Frankfurt, Munich, Berlin and Hamburg.
Finance Loop is a professional network and has the goal of driving the institutional use of emerging technologies in finance, such as AI, tokenization, stablecoins, and DeFi. Finance Loop helps its members build skills and personal networks in these fields: Investment & Digital Assets, Payments & Digital Money, Digital Infrastructure & Sovereignty, and Risk & Compliance.