Animoca, Standard Chartered, HKT seek first Hong Kong stablecoin licence
Main Idea
Animoca Brands, Standard Chartered Bank (Hong Kong), and HKT have formed Anchorpoint Financial Limited to apply for Hong Kong's first stablecoin issuer licence, aligning with the HKMA's new regulatory framework and the city's push into digital assets.
Key Points
1. The HKMA has set strict reserve, anti-money laundering (AML), and redemption compliance rules for stablecoin issuers.
2. Hong Kong firms raised $1.5 billion for blockchain projects in July, with OSL Group and SenseTime Group among the major fundraisers.
3. Tether leads the global stablecoin market with $164 billion in capitalisation, though its dominance slightly decreased from 62.5% to 61.8%.
4. The GENIUS Act, signed by President Trump on 18 July, established federal payment stablecoin rules in the US, mandating full reserve backing and monthly disclosures.
5. Anchorpoint Financial combines Standard Chartered's banking reach, HKT's telecom infrastructure, and Animoca's Web3 expertise to advance Hong Kong's position in Asia's stablecoin market.
Description
Hong Kong’s stablecoin market ambitions have accelerated as Animoca Brands, Standard Chartered Bank (Hong Kong) Limited, and HKT formed Anchorpoint Financial Limited to apply for the city’s first stablecoin issuer licence under its newly implemented regulatory regime. The application was submitted to the Hong Kong Monetary Authority (HKMA) on 1 August, coinciding with the enforcement of the Stablecoins Ordinance. This development positions the consortium among the earliest contenders in Asia’s r...
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