Animoca Brands Takes Bold Step Toward Stablecoin Licensing in Hong Kong
Main Idea
Animoca Brands, in collaboration with Standard Chartered and Hong Kong Telecommunications, has initiated the licensing process for a Hong Kong Dollar (HKD)-backed stablecoin under the new 'Stablecoins Ordinance' effective August 1, reinforcing Hong Kong's position as an international financial hub.
Key Points
1. Animoca Brands, Standard Chartered, and HKT are collaborating on a stablecoin project in Hong Kong.
2. Anchorpoint Financial officially started the licensing process on August 1, following HKMA guidelines.
3. The 'Stablecoins Ordinance' came into effect on August 1, with HKMA's sandbox program for stablecoins beginning in July 2024.
4. Evan Auyang emphasized that the fiat-backed stablecoin model under HKMA supervision strengthens Hong Kong's financial hub status.
Description
Animoca Brands begins the stablecoin licensing process in Hong Kong. Licensing aligns with Hong Kong Monetary Authority's regulations. Continue Reading: Animoca Brands Takes Bold Step Toward Stablecoin Licensing in Hong Kong The post Animoca Brands Takes Bold Step Toward Stablecoin Licensing in Hong Kong appeared first on COINTURK NEWS .
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