The Hong Kong Monetary Authority (HKMA) today (the 10th) announced the first batch of “stablecoin issuer licenses.” After a fierce contest among 36 applicants, only 2 companies were granted licenses: “HSBC Bank,” and “Anchorpoint Financial,” which was set up under the leadership of Standard Chartered.
The HKMA said that the stablecoin issuer license takes effect immediately. Subject to the licensee’s business plan and once relevant preparations are completed, it is expected that business will be launched within the coming months.
HKMA Chief Executive Officer Eddie Yue said that stablecoin issuer licensing is an important milestone for Hong Kong’s digital asset development. The regulatory framework provides an orderly operating environment, enabling stablecoin issuers to properly safeguard users’ rights and manage related risks while applying innovative technology, so that Hong Kong’s stablecoin ecosystem can develop in a healthy, responsible, and sustainable manner. He said:
I look forward to issuers carrying out their businesses according to plan, while keeping risks well controlled, actively exploring room for development, promoting the application of compliant stablecoins, addressing pain points in financial and economic activities, creating value for residents and businesses, and helping drive the healthy development of Hong Kong’s digital assets.
Earlier, there were market reports suggesting that this stablecoin licensing round is more inclined to be “bank-led.” The reason is that note-issuing banks are subject to stringent regulation and have strong capital strength, which, while helping drive broad market adoption, can also provide greater security assurances.
In a prior report, “BlockNews” said that “Anchorpoint Financial” is a joint venture company jointly established by Animoca Brands (a group behind Tencent, Hong Kong Telecommunications, and Hong Kong Web3 companies), with the aim of building a business model focused on “issuing and promoting regulated stablecoins.”
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