Animoca Brands and Standard Chartered Establish Stablecoin Issuer in Hong Kong
Main Idea
Animoca Brands and Standard Chartered have formed a joint venture called Anchorpoint, along with Hong Kong Telecom, to establish a stablecoin issuer in Hong Kong, aiming to participate in the HKMA's stablecoin sandbox.
Key Points
1. The joint venture, Anchorpoint, includes Animoca Brands, Standard Chartered's Hong Kong division, and Hong Kong Telecom (HKT).
2. Anchorpoint aims to participate in the Hong Kong Monetary Authority's (HKMA) stablecoin sandbox.
3. Around 40 companies are expected to apply for licensing under Hong Kong's Stablecoin Ordinance, but HKMA CEO Eddie Yue anticipates fewer than 10 approvals.
4. Stablecoins are a central focus of cryptocurrency regulatory oversight in 2025, with the U.S. moving to regulate them under the GENIUS act.
Description
Major Web3 investor Animoca Brands has formed a stablecoin joint venture (JV) with the Hong Kong division of multinational bank Standard Chartered (2888). The JV, known as Anchorpoint, also includes Hong Kong Telecom (HKT) and aims to build a business model for the issuance of licensed stablecoins, according to an emailed announcement on Friday. Anchorpoint has expressed its interest in applying for a stablecoin issuer license in Hong Kong coinciding with the special administrative region's much...
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