- Anchorpoint seeks HKMA license under Hong Kong’s new stablecoin rules.
- Animoca, Standard Chartered, HKT partner to launch compliant stablecoin.
- Sandbox testing shaped plans for Hong Kong dollar-pegged token.
According to reports, Web3 firm Animoca Brands has teamed up with banking major Standard Chartered and telecom leader HKT to establish Anchorpoint Financial, a stablecoin venture in Hong Kong. The project aims to launch a Hong Kong dollar-pegged stablecoin within the framework of the city’s new regulatory regime.
Anchorpoint’s first official step was declaring its interest in a stablecoin issuer license with the Hong Kong Monetary Authority. This was done on the same day the Stablecoins Ordinance was enacted, which made licensing of all issuers of fiat-backed stablecoins within the city compulsory.
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Partnership Progress Through HKMA Sandbox Testing
The collaboration between the three firms began in July 2024 inside the HKMA’s stablecoin issuer sandbox. Within the controlled testing environment, the partners trialed stablecoin applications while assessing operational and compliance requirements.
During this period, the partners explored mechanisms to ensure consumer protection and financial stability while maintaining regulatory alignment. The company also had a chance to improve its processes before starting operations under the new legal requirements in the sandbox.
The HKMA’s strategy aims to bridge the gap between new financial instruments on Web3 and traditional banking. Clearly defined licensing regulations are meant to limit the risks involved in the market and promote a responsible expansion in the digital asset sector.
Industry analysts consider Anchorpoint’s venture to reflect Hong Kong’s desire to become a regulated center of blockchain-based finance. Regulated stablecoins will be more easily integrated into the traditional banking and payment systems.
The alignment of Hong Kong’s rules with global standards is expected to enhance trust among both retail and institutional users. It is also an indication that the city is determined to be transparent and consistent with the regulations in the digital currency sector.
Conclusion
Anchorpoint Financial’s license application is viewed as a significant step in Hong Kong’s digital finance development. Its compliance-first strategy could serve as a blueprint for similar ventures in other jurisdictions.
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