Joint endeavor of Animoca and Standard Chartered initiates application for stablecoin permit in Hong Kong
In the heart of Asia, Hong Kong is making strides in the digital currency landscape. On August 1, the Hong Kong Stablecoin Ordinance, a regulatory framework governing the application process for stablecoin licenses, was enacted. This move marks a significant step towards fostering a conducive environment for the adoption of stablecoins.
One of the key players in this venture is Anchorpoint Financial Limited, a joint venture formed by Animoca Brands, Standard Chartered, and HKT. The trio has expressed their intention to apply for a stablecoin license under the new regulatory framework. Evan Auyang, President of Animoca Brands, believes that stablecoins represent one of the most compelling use cases within Web3, making this pursuit a strategic move.
Justin Sun, the founder of Animoca Brands responsible for the project, has taken the lead in initiating the process of obtaining a stablecoin license in Hong Kong. Anchorpoint Financial Limited formally applied for the license on August 1, aligning with the enactment of the Hong Kong Stablecoin Ordinance.
The Hong Kong Monetary Authority (HKMA) is the body responsible for approving issuers of fiat-backed stablecoins. The process of obtaining the stablecoin license is now under this city's new regulatory framework, providing clarity and confidence to potential applicants.
According to Evan Auyang, we are still at the early frontier of widespread adoption of stablecoins across institutions and retail. This pursuit by Anchorpoint Financial Limited is a testament to the growing interest in stablecoins and the potential they hold for the future of digital finance.
As Hong Kong continues to carve out a niche in the digital currency space, it is clear that the city is committed to fostering innovation while maintaining a solid regulatory foundation. The pursuit of stablecoin licenses by major players like Anchorpoint Financial Limited is a positive sign, indicating that the future of digital finance in Hong Kong is bright.
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