Hong Kong Monetary Authority (HKMA) has issued the region’s first stablecoin licences to HSBC and Anchorpoint Financial, The Block reported on Thursday.
Anchorpoint Financial is a joint venture established by Standard Chartered, Animoca Brands and Hong Kong telecoms company HKT.
The HKMA added HSBC and Anchorpoint Financial Limited to its list of institutions granted stablecoin licences.
HKMA CEO Eddie Yue (애디 유) said issuing licences to stablecoin issuers was an important milestone for the development of digital assets in Hong Kong. He said the regulatory framework would provide an environment in which stablecoin issuers can apply innovative technologies while ensuring strong user protection and effective risk management, and would support the creation of a sound and sustainable stablecoin ecosystem. The two firms plan to complete preparations and begin operations within the next few months.
Chi-gyu Hwang
delight@d-today.co.kr