Standard Chartered and Animoca Brands are looking for a stablcoins license in Hong Kong

By Hannah Pérez

Standard Chartered and Animoca Brands have the ambition to launch the first graduate Stablin of Hong Kong under the new regulatory framework. They constituted this year a stablcoins emitting entity.

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• Banco Standard Chartered and Animoca Brands request a license for their Stablecoins business.
• They have the ambition to launch the first graduate Stablin of Hong Kong under the new regulatory framework.
• They constituted a new Entity of Stablecoins at the beginning of the year.
• The favorable change in the global regulatory panorama promotes interest in the stablecoins.

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The bank Standard Chartered and the web3 investment firm Encourage Brands They are looking for a license for their new Stablecoins business in Hong Kong, the entities in a statement on Friday.

Both parties announced at the beginning of the year the launch of a new joint business to develop a Stablecoin backed by the Hong Kong dollar in alliance with the telecommunications company, Hong Kong Telecommunications.

The joint company, called Anchorpoint Financial Limitedthat moment was presented with a goal is clear: to position itself as one of the first emitters of Stablecoins licensed under the regulatory framework of the Monetary Authority of Hong Kong (HKMA).

Hong Kong license stablecoin

In today’s statement, Anchorpoint He announced that he has formally stated his interest before the local regulator to request a stablecoins issuer license. The application was submitted on August 1 as part of the process Profile on the regulator website

The three entities have been jointly participating in a sandbox on Stablecoins of Hong Kong’s monetary authority For more than a year in preparation for the new regulation, which entered into force at the beginning of the month.

The testing environment controlled by the authority allowed them Stablecoins. This is part of the largest ambition of Hong Kong to consolidate as a global center of digital assets.

“Animou Brands is proud to associate with Standard Chartered and HKT to form Anchorpoint when requesting a stable currency issuer license under the HKMA, with a view to incorporating stable currencies into the main financial ecosystem of Hong Kong“, Said Evan Auyang, president of the group Encourage Brandsin the statement.

Regulatory change drives the stablecoins

The joint efforts of Standard Chartered and Encourage Brands To launch the first Stablecoin Degree by Hong Kong are produced at a time of growing interest in this kind of tokens linked to the value of a financial asset –Frequently a fiduciary currency like the US dollar.

The favorable political environment in jurisdictions such as Hong Kong, Europe and the United States has motivated banks and other actors of the traditional financial industry to quickly advance towards the integration of Stablecoins This year. President Trump of the United States signed last month the Genius law that provides a framework to regulate Stablecoins in that country.

“Stable currencies represent one of the most convincing use cases within web3 and believe that we are still on the initial border of a generalized adoption in both institutions and retail trade. As the assets continue to move in the chain, the stablecoin with fiduciary reference regulated by the HKMA is important to reinforce the position of Hong Kong as a leading International Financial Center”Auyang added.

40 companies are expected to request licenses based on the new rules of Stablecoin From Hong Kong, although HKMA’s executive director Eddie Yue said it was likely that the regulator approved less than 10, he reported COINDESK.

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Hannah Estefanía Pérez / Diariobitcoin

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