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Hong Kong dollar stablecoin HKDAP completes Ethereum mainnet test after regulatory approval

Anchorpoint Financial, which received a stablecoin issuance licence from the Hong Kong Monetary Authority, has completed a test transferring its Hong Kong dollar stablecoin HKDAP (HKD At Par) to the Ethereum mainnet. The test was conducted with OSL Group and LeopardTrade, a trading platform under Futu Holdings, and focused on verifying the process of converting fiat Hong Kong dollar funds into reserve assets. Standard Chartered Hong Kong provided infrastructure and institutional trust services.

Crypto

Hong Kong regulator issues first stablecoin licences to HSBC and Anchorpoint

Hong Kong\'s monetary authority has issued the city’s first stablecoin licences to HSBC and Anchorpoint Financial, The Block reported on Thursday. Anchorpoint Financial is a joint venture set up by Standard Chartered, Animoca Brands and Hong Kong telecoms company HKT. The Hong Kong Monetary Authority added HSBC and Anchorpoint Financial Limited to its list of stablecoin licence holders. CEO Eddie Yue called the move a milestone for digital assets.

Crypto

Hong Kong stablecoin licence issuance delayed as review continues

Hong Kong’s financial regulator had signalled it would issue its first stablecoin licence in the first quarter, but no applicant has been approved as of April. The Hong Kong Monetary Authority said it is continuing to process and review applications and will announce any progress, without giving a timetable. It has asked applicants to strengthen disclosures on reserve assets, anti-money laundering controls, redemption mechanisms and responses under extreme stress.