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3w ago

Anchorpoint Leads First License Applications Under Hong Kong’s New Stablecoin Rules

A joint venture of Animoca Brands, Standard Chartered Hong Kong and HKT lodged its application on August 1 under regulations requiring full fiat backing, one-day redemptions, stringent risk controls.

The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. REUTERS/Peter Nicholls
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Animoca brands and standard chartered establish stablecoin issuer in hong kong
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Overview

  • Anchorpoint Financial Limited became the first formal applicant under Hong Kong’s Stablecoin Ordinance by submitting its licensing bid to the HKMA on August 1.
  • The ordinance mandates issuers maintain high-quality fiat reserves, implement robust AML and risk-management frameworks and honor redemptions within one business day.
  • More than 40 entities, including major banks and technology firms, have applied for licenses but the HKMA expects to approve only a handful of operators.
  • Animoca Brands, Standard Chartered Bank (Hong Kong) and HKT have been testing stablecoin use cases in the HKMA’s sandbox since July 2024 to support both institutional and retail adoption.
  • Hong Kong’s framework aligns with global efforts such as the EU’s MiCA regulations and the US GENIUS Act as the city aims to become a leading regulated stablecoin hub.