Standard Chartered Collaborates with Animoca Brands and HKT for Hong Kong Stablecoin License
In a significant move within the digital finance industry, Standard Chartered has joined forces with Animoca Brands and Hong Kong Telecom (HKT) to apply for a stablecoin license under Hong Kong’s regulatory framework. This partnership, named Anchorpoint Financial, marks an important step towards the integration of stablecoins into the mainstream financial system.
Anchorpoint Financial: A New Joint Venture
According to an official announcement by Animoca Brands, this joint venture aims to create a robust business model centered around the issuance and development of licensed stablecoins. The initiative follows Hong Kong’s legislative advancements, specifically the enactment of the Stablecoin Ordinance on August 1st. This law mandates that any organization intending to issue fiat-backed digital tokens in Hong Kong must secure a license from the Hong Kong Monetary Authority (HKMA).
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Strategic Intentions and Industry Impact
Evan Auyang, Group President of Animoca Brands, expressed pride in this strategic partnership, underscoring the potential of stablecoins to revolutionize both institutional and retail financial landscapes. The collaboration aims to facilitate the widespread adoption of stablecoins, harnessing their potential as a pivotal component of Web3 technologies.
Animoca Brands, based in Hong Kong, is at the forefront of Web3 innovation with significant investments in blockchain gaming and Non-Fungible Tokens (NFTs). Concurrently, HKT stands as a leading telecommunications provider in the region, lending its expertise to this ambitious venture.
Standard Chartered’s Foray into Digital Assets
Standard Chartered, a prominent UK-based bank, is no stranger to digital asset ventures. Recently, it became the first Global Systemically Important Bank (G-SIB) to offer a spot trading desk for Bitcoin and Ethereum, aimed at institutional clients. G-SIBs, as designated by the Financial Stability Board (FSB), are crucial components of the global financial infrastructure, and their involvement in cryptocurrency markets is noteworthy.
License Application Timeline
While Anchorpoint Financial has taken definitive steps towards acquiring a stablecoin issuer license, industry insiders suggest that the first licenses may not be issued until 2026. The initial batch is expected to be highly selective, with only a few applicants meeting the stringent requirements set by the HKMA.
Current Bitcoin Market Trends
In the broader cryptocurrency market, Bitcoin recently experienced a price recovery, surpassing the $117,000 mark. However, as the week progresses, the cryptocurrency seems poised for another decline, with prices hovering around $115,900.
Market analytics firm Glassnode has observed a notable trend among smaller investors, who have been actively purchasing Bitcoin during its recent downturn. Data indicates that these smaller entities – often referred to as shrimps, crabs, and fish – have collectively acquired more Bitcoin than the rate of new coin issuance by miners.
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