Hong Kong’s subsidiary of the Major Bank Standard Charted cooperated with the Web3 software company Animoca Brands to produce a Hong Kong-Diolar Stablecoin.
According to a Friday announcement From the Anchoca Brands, two companies co -founded anchorpoint financial limited to Hong Kong to apply for a local Stablecoin Issuer license. The shared subsidiary is the duty of developing a business model dedicated to the release and promotion of licensed stablecoins.
Each announcement, the Anchorpoint Financial expressed a formal interest in obtaining a Stablecoin license with the Hong Kong Monetary Authority on August 1. It followed the implementation of their regulator Stablecoin’s new plot by a Six months of transition period with special policies.
The rules are more stringent than many market participants seem to expect, leading to a significant sale in sharing of associated local companies. According to early August reports, some Hong Kong Stablecoin-Concept Company Stocks fell by about 20%But experts described the event as a healthy correction following a check of reality.
Related: Asia’s OSL Group raises $ 300m for Stablecoin and Global Expansion
A partnership is long in the works
The collaboration between the Standard Chartered and Animoca Brands is not new. They first announced their Plan to launch a Hong Kong dollar supported by Stablecoin Back in mid -February.
However, the cooperation between companies extends beyond it. In late July 2024, a coalition consisting Standard Chartered Bank, Animoca Brands and Hong Kong Telecommunications was reported participating in the Stablecoin issuer of the Hong Kong Monetary Authority.
Standard Chartered’s involvement in a Hong Kong dollar backed Stablecoin is particularly noticeable. The bank is one of three creatures – next to the HSBC and Bank of China (Hong Kong) – authorized to issue the city’s Fiat Currency under HKMA supervision.
Related: Hong Kong prepares the third batch of tokenized bonds, eyes more offerings
The career for a Hong Kong Stablecoin
The breed to dominate the Hong Kong Stablecoin market has intensified as the new clarity of regulation has pushed the industry to a higher level of maturity. By the end of July, China-based e-commerce giant JD.com had already reported Registered entities tied to a potential stablecoin rolloutDays earlier in Hong Kong’s stablecoin regulations that take effect.
In early July, Ant International, a unit based in Singapore by Jack MA-Back Ant Group, was reported planning to Apply for Stablecoin Issuer License to the same Hong Kong and Singapore. These initiatives precede Jingdong Coinlink Technology Hong Kong Limited, a JD Technology Group subsidiary, Announced its plans to issue a 1: 1 stablecoin Links to Hong Kong’s dollar in late July 2024.
Magazine: Hong Kong hoses down Stablecoin Frenzy, Pokémon in Solana: Asia Express
