Standard Chartered Bank Hong Kong announced it has created a stablecoin joint venture, Anchorpoint Financial, with Hong Kong Telecom (HKT) and web3 firm Animoca Brands. They informed the Hong Kong Monetary Authority (HKMA) of plans to apply for a stablecoin license on August 1, the day the region’s stablecoin legislation came into force.
The three firms collaborated on a stablecoin initiative as part of HKMA’s stablecoin sandbox, which had only two other participants. HKMA CEO Eddie Yue has emphasized that only a few stablecoin licenses will be awarded initially, likely early next year. Ledger Insights previously highlighted that the initial stablecoin AML rules require all holders of stablecoins to be identified, not just those that interact directly with the issuer. This policy might favor banks in the application process, as they already perform due diligence on all clients.
Mary Huen, Standard Chartered CEO in Hong Kong and Greater China & North Asia, said the bank has a “vision to bring an innovative, efficient and secure medium of exchange to Hong Kong, and further facilitate transaction convenience and broaden the usage of digital assets. We believe stablecoins will play an important role in building a sustainable digital asset ecosystem in Hong Kong and are dedicated to playing a role in supporting Hong Kong as an international financial centre and
digital assets hub.”
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