Standard Chartered, Animoca Brands Form Venture to Seek Hong Kong Stablecoin License

Commonplace Chartered and Animoca Manufacturers have shaped a brand new three way partnership, Anchorpoint, to pursue a license for issuing stablecoins beneath Hong Kong’s newly minted digital asset regime.

The enterprise has knowledgeable the Hong Kong Financial Authority (HKMA) of its intent to use for a license beneath the town’s fiat-referenced stablecoin framework, which formally came into effect on August 1.

“We imagine stablecoins will play an essential position in constructing a sustainable digital asset ecosystem in Hong Kong and are devoted to taking part in a job in supporting Hong Kong as a global monetary centre and digital belongings hub,” stated Mary Huen, Chief Government Officer for Hong Kong and Better China and North Asia at Commonplace Chartered.

The announcement marks one of many first formal strikes by a serious international financial institution to faucet into Hong Kong’s bold plans to turn into a digital asset hub. Commonplace Chartered and Animoca beforehand participated in a stablecoin issuer sandbox run by the HKMA in July 2024.

Hong Kong’s stablecoin regime

Hong Kong’s new laws requires any firm wishing to challenge or market fiat-backed stablecoins to retail traders to acquire a license. The transfer is a part of the town’s broader push to control crypto whereas nonetheless attracting reliable gamers to its market.

Animoca Manufacturers co-founder and government chairman Yat Siu instructed Decrypt the brand new authorized readability may function a turning level for the business.

“Clearer regulation may permit us to drive buyer acquisition, as extra people and companies will really feel assured about taking part in stablecoin ecosystems beneath regulatory oversight,” he stated.

Whereas advocates have touted potential use cases from cross-border funds to digital financial savings, Siu acknowledged that the market continues to be checking out precisely how stablecoins can be utilized in apply.

“Given Hong Kong’s longstanding popularity as a world hub for the alternate of products and providers, a domestically issued stablecoin may naturally facilitate cross-border funds, retail transactions, and B2B providers,” he stated. “It is all about leveraging what Hong Kong has at all times excelled in: being a serious worldwide monetary and buying and selling heart.”

Commonplace Chartered did not instantly reply to questions on what particular merchandise or makes use of it has deliberate for the stablecoin.