Hong Kong Launches Stablecoin Trial with Standard Chartered and Animoca Brands
Hong Kong has just announced its first list of stablecoin sandbox participants, including Standard Chartered Bank and Animoca Brands, as part of its efforts to become a leading cryptocurrency hub. Participating parties are allowed to test stablecoin issuance plans, but are not allowed to call for capital from the public at this stage.
📊 Participation List:
✅ Jindong Coinlink Technology
✅ RD InnoTech
✅ Standard Chartered Bank
✅ Animoca Brands
✅ Hong Kong Telecommunications
🔵 Darryl Chan, Deputy Executive Director of HKMA, emphasized that:
Participants cannot use public funds at the testing stage. The applications focus on payments, supply chain management and capital markets, to create smarter financial solutions.
🛡 Legal Framework and Expectations
🔺All issuers of fiat-referenced stablecoins will need a license from the HKMA, with a legislative proposal expected to be finalized soon. The HKMA continues to accept applications to join the sandbox and requires specific plans for the issuance, distribution and repayment of stablecoins.
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