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- Anchorpoint Financial begins process for Hong Kong stablecoin license approval.
- Animoca, Standard Chartered, and HKT plan HKD-backed stablecoin launch.
- Hong Kong’s new rules push regulated stablecoin adoption into financial system.
According to Animoca Brands, its joint venture with Standard Chartered and Hong Kong Telecommunications has started the stablecoin licensing process in Hong Kong. The venture, called Anchorpoint Financial Limited, has formally notified the Hong Kong Monetary Authority about its intention to apply for a license.
This is after the implementation of the Hong Kong Stablecoins Ordinance on August 1st, with the paramount requirement being licensing of the issuers of fiat-backed stablecoins. Through this process, the authority seeks to ensure that all stablecoin activities are policed to the highest regulatory and compliance standards.
In its broader digital finance strategy, Anchorpoint Financial intends to create a Hong Kong dollar-based stablecoin. The project relates to three participants in HKMA’s regulatory sandbox, which began in March 2024.
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Partnership Targets Regulated HKD-Backed Stablecoin
In July, the companies began to experiment with stablecoin applications through a sandbox program aimed at Web3 and traditional finance. This stage will facilitate the identification of how stablecoin will be used securely and efficiently in the real market environment.
According to Evan Auyang, the group president at Animoca Brands, regulated stablecoins offer great potential for retail and institutional adoption. He further stated that having a stablecoin referenced to fiat under the regulation of HKMA would bolster the international reputation of the Hong Kong financial position.
The joint venture will investigate ways of using stablecoins to develop payment systems and enhance financial markets. It will also interlink blockchain-based solutions and traditional bank systems in its bid to enhance financial connectivity.
The Hong Kong solution is aimed at developing trust and broadening the development of regulated stablecoins in the market. It also plans to bridge blockchain-based innovations with conventional banking infrastructure to boost financial connectivity.
This licensing application by Anchorpoint Financial is an important step towards Hammering stablecoins into Hong Kong’s regulated financial sector. This partnership has the potential to influence the development of the city’s digital finance.
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