Standard Chartered has joined forces with Animoca Brands and Hong Kong Telecom (HKT) to seek a license under the newly established stablecoin regulations in Hong Kong.
First Round of Applications for Stablecoin License in Hong Kong
In a recent official announcement from Animoca Brands, a collaborative effort with Standard Chartered’s Hong Kong division and HKT has birthed a new joint venture known as Anchorpoint Financial.
This venture aims to “create a sustainable business model centered around the issuance and promotion of regulated stablecoins,” as indicated in their announcement. The Stablecoin Ordinance, which was enacted on August 1st, establishes a framework requiring entities to obtain licensing from the Hong Kong Monetary Authority (HKMA) before issuing fiat-backed tokens.
Anchorpoint has already expressed its intention to engage with the HKMA in applying for a stablecoin issuer license. Evan Auyang, Group President of Animoca Brands, commented:
We are excited to collaborate with Standard Chartered and HKT in forming Anchorpoint to pursue a stablecoin issuer license under the HKMA. Our goal is to integrate stablecoins into the wider financial ecosystem in Hong Kong. The potential of stablecoins within the Web3 domain is immense, and we believe we are on the brink of broader institutional and retail adoption.
Animoca Brands is recognized as a pioneering Web3 company in Hong Kong, heavily invested in blockchain gaming and Non-Fungible Tokens (NFTs). HKT, a leading telecommunications provider in the region, enhances this partnership with its extensive infrastructure and expertise.
Standard Chartered, headquartered in the UK, is significantly involved in the digital asset space. Just last month, it became the first globally recognized systemically important bank (G-SIB) to provide a dedicated spot trading desk for Bitcoin and Ethereum for institutional clients.
G-SIBs play a critical role in the global financial landscape, categorized by the Financial Stability Board (FSB) as institutions so integral to financial stability that their disruption might have widespread consequences. Therefore, any involvement of such banks in the cryptocurrency industry garners substantial attention.
Although Standard Chartered’s joint venture is making headway in securing a license from the HKMA, it may be some time before Anchorpoint can start issuing stablecoins. Recent reports suggest that the first round of licenses might not be awarded until 2026, and even then, competition will be intense, with only a select few applicants likely to qualify.
Current Bitcoin Market Trends
Bitcoin saw a recovery, briefly surpassing $117,000 on Thursday, but it appears to be retracing as it settles around $115,900 as the week comes to a close.
Recent analysis from Glassnode indicates that smaller investors have been actively purchasing Bitcoin during its price decline, as noted in a recent post on X platform.
From the analytics, it’s evident that smaller investors—often termed Bitcoin shrimps, crabs, and fish—have been accumulating Bitcoin at a pace that exceeds the influx supplied by miners, showcasing a potential shift in market dynamics.
