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The Hong Kong Monetary Authority (HKMA) has issued its first batch of licences for fiat-backed stablecoins issuers.
What's the Scoop?
- Licensed Issuers: Hong Kong's central bank has granted stablecoin issuance licenses to HSBC, a leading global financial institution anchored in Hong Kong, and Anchorpoint Financial, a Standard Chartered-led joint venture with participation from crypto VC
Animoca Brands and Hong Kong Telecom. - Tight Standards: The HKMA reviewed 36 applications but approved only a select few, prioritizing novel use cases, sustainable business models, and robust compliance frameworks. Successful issuers must meet stringent AML/CTF requirements, and verify the identity of every stablecoin holder.
- Stablecoin Plans: According to a statement released by Animoca, Anchorpoint plans to launch its HKDAP stablecoin in phases beginning in the second quarter, and will work selected businesses to act as distributors to enable public access to its stablecoin. HSBC’s stablecoin, meanwhile, will be available across the bank’s mobile apps.
- Delayed Launch: The HKMA previously promised to issue its first stablecoin licenses by March, but missed this self-imposed deadline, without providing reason for the delay.
