Standard Chartered, Animoca Brands Form Venture to Seek Hong Kong Stablecoin License
Main Idea
Standard Chartered and Animoca Brands have formed a joint venture, Anchorpoint, to pursue a license for issuing stablecoins under Hong Kong's new digital asset regulatory framework.
Key Points
1. Anchorpoint aims to apply for a license under Hong Kong's fiat-referenced stablecoin framework, which came into effect on August 1.
2. The joint venture is part of Standard Chartered's strategy to establish Hong Kong as a digital asset hub.
3. Hong Kong's new legislation requires companies issuing or marketing stablecoins to obtain regulatory approval, aiming to attract legitimate players.
4. Animoca Brands co-founder Yat Siu views the regulatory clarity as a potential turning point for the stablecoin industry.
5. The stablecoin's specific use cases and products under Anchorpoint have not yet been disclosed.
Description
The "Anchorpoint" joint venture aims to capitalize on Hong Kong's newly launched stablecoin licensing regime.
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