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Anchorpoint Financial, a joint venture formed by Standard Chartered Bank, Animoca Brands and Hong Kong Telecommunications (HKT), plans to apply for a stablecoin licence, making it the first entity in Hong Kong to formally initiate the process under the stablecoin ordinance.
Anchorpoint expressed its formal interest with the Hong Kong Monetary Authority (HKMA) in applying for the licence on August 1, when the law took effect, it said in a statement on Friday.
“We believe stablecoins will play an important role in building a sustainable digital asset ecosystem in Hong Kong and are dedicated to playing a role in supporting Hong Kong as an international financial centre and digital assets hub,” said Mary Huen Wai-yi, CEO of Hong Kong, Greater China and North Asia at Standard Chartered, in the statement.
The HKMA is initially expected to issue only a handful of stablecoin licences early next year, as the city’s de facto central bank has urged market participants to temper their expectations amid the euphoria surrounding the fiat-backed digital currency.
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What’s the hype about stablecoins?
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In a separate statement, Animoca Brands, a fintech firm using blockchain to deliver digital property rights, said a digital currency was important in reinforcing Hong Kong’s position as a leading international financial centre.
