As a researcher with extensive experience in the fintech industry and a particular interest in digital currencies and stablecoins, I find the recent announcement by Hong Kong’s financial regulator, the HKMA, regarding the sandbox participants for stablecoin issuers to be an exciting development.
Hong Kong’s monetary regulatory body has announced the roster of companies approved for its sandbox program to issue stablecoins, among which are Standard Chartered and Animoca Brands.
The Hong Kong Monetary Authority (HKMA) has revealed the names of the selected organizations permitted to commence trials in creating stablecoins, which are digital currencies secured by traditional currencies.
On Thursday, the Hong Kong Monetary Authority (HKMA) unveiled JD.com’s subsidiary JINGDONG Coinlink Technology Hong Kong, RD InnoTech, and a partnership between Standard Chartered Bank (Hong Kong), Animoca Brands, and Hong Kong Telecommunications as contenders in its innovative sandbox program.
An informed source revealed to crypto.news that the coalition intends to utilize Zodia Custody’s institutional digital asset storage services, with a partial ownership by Standard Chartered.
The HKMA states that the mentioned corporations have shown a genuine intention to establish a stablecoin business in Hong Kong, backed by a solid business strategy. Their sandbox experiments will be carried out under restricted conditions and with careful risk management.
During the experimental phase of the regulatory sandbox, its participants are advised not to manage the public’s funds initially, or seek funding from the public, nor introduce any products related to the sandbox.
According to crypto.news, more than 100 market participants voiced their support for the creation of a regulatory framework for stablecoins in Hong Kong during a recent consultation. A significant number, approximately 108, expressed their agreement on the importance of regulatory oversight as the virtual asset sector expands. Eddie Yue, CEO of the Hong Kong Monetary Authority, emphasized the potential benefits of a carefully regulated environment for fostering the responsible and sustainable development of the stablecoin industry in Hong Kong.
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2024-07-18 14:36