Standard Chartered, Animoca, and Three Others Join HKMA’s Stablecoin Sandbox as Participants

A day after the Hong Kong Monetary Authority (HKMA) said it was processing the applications for participation in its stablecoin issuer sandbox it has announced five entities, including Standard Chartered Bank (Hong Kong) and Animoca Brands Ltd.
JINGDONG Coinlink Technology Hong Kong Limited, RD InnoTech Limited and Hong Kong Telecommunications (HKT) Limited are the other three entities.
In Wednesday’s announcement, HKMA also said that it planned to present a bill on fiat-referenced stablecoins to the Legislative Council later this year.
In March, the HKMA started a regulatory sandbox to give potential stablecoin issuers immunity in testing certain operations.
“During the assessment process, these institutions were able to demonstrate genuine interest in developing a stablecoin issuance business in Hong Kong with a reasonable business plan, and that their proposed operations under the sandbox arrangement would be conducted within a limited scope and in a risk-controllable manner,” the announcement said.
At the moment, the participants will not handle the general public’s funds and will not solicit funding from the public or offer any products associated with the sandbox but the HKMA didn’t rule out this could happen at a later stage. It also suggested their could be new participants who join the sandbox in the future.
Read More: Hong Kong to Prepare Stablecoin Legislation as Public Consultation Ends
Edited by Parikshit Mishra.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
Amitoj Singh is a CoinDesk reporter.