In short
Anchorpoint, a brand new three way partnership between Customary Chartered and Animoca Manufacturers, will apply for a license beneath Hong Kong’s new stablecoin framework.
Hong Kong launched its fiat-referenced stablecoin licensing regime initially of August.
Animoca Manufacturers’ Yat Siu informed Decrypt that regulation might unlock stablecoin adoption and innovation.
Customary Chartered and Animoca Manufacturers have shaped a brand new three way partnership, Anchorpoint, to pursue a license for issuing stablecoins beneath Hong Kong’s newly minted digital asset regime.
The enterprise has knowledgeable the Hong Kong Financial Authority (HKMA) of its intent to use for a license beneath the town’s fiat-referenced stablecoin framework, which formally got here into impact on August 1.
“We imagine stablecoins will play an vital position in constructing a sustainable digital asset ecosystem in Hong Kong and are devoted to taking part in a job in supporting Hong Kong as a world monetary centre and digital property hub,” mentioned Mary Huen, Chief Government Officer for Hong Kong and Larger China and North Asia at Customary Chartered.
The announcement marks one of many first formal strikes by a significant international financial institution to faucet into Hong Kong’s bold plans to grow to be a digital asset hub. Customary Chartered and Animoca beforehand participated in a stablecoin issuer sandbox run by the HKMA in July 2024.
Hong Kong’s stablecoin regime
Hong Kong’s new laws requires any firm wishing to subject or market fiat-backed stablecoins to retail buyers to acquire a license. The transfer is a part of the town’s broader push to control crypto whereas nonetheless attracting reputable gamers to its market.
Animoca Manufacturers co-founder and govt chairman Yat Siu informed Decrypt the brand new authorized readability might function a turning level for the business.
“Clearer regulation might permit us to drive buyer acquisition, as extra people and companies will really feel assured about collaborating in stablecoin ecosystems beneath regulatory oversight,” he mentioned.
Whereas advocates have touted potential use circumstances from cross-border funds to digital financial savings, Siu acknowledged that the market continues to be finding out precisely how stablecoins can be utilized in apply.
“Given Hong Kong’s longstanding fame as a worldwide hub for the alternate of products and companies, a domestically issued stablecoin might naturally facilitate cross-border funds, retail transactions, and B2B companies,” he mentioned. “It is all about leveraging what Hong Kong has at all times excelled in: being a significant worldwide monetary and buying and selling heart.”
Customary Chartered did not instantly reply to questions on what particular merchandise or makes use of it has deliberate for the stablecoin.
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