HSBC, Standard Chartered To Receive First Stablecoin Licenses In Hong Kong – Report
Hong Kong is expected to issue its first stablecoin licenses within two weeks, with HSBC and Standard Chartered reportedly among the first recipients. The Hong Kong Monetary Authority (HKMA) is prioritizing institutions already authorized to issue banknotes, favoring them for their strong capital base and ability to ensure safety and adoption. The Stablecoins Ordinance, enacted last August, requires any issuer of fiat-referenced stablecoins, especially HKD-denominated tokens, to obtain a license. Standard Chartered, in a joint venture with Animoca Brands and HKT, plans to issue an HKD-pegged stablecoin and has participated in the HKMA’s sandbox program. HSBC, though not part of the sandbox, has engaged with digital asset players and focused on tokenization projects. The move comes as China tightens restrictions on virtual assets and tokenization domestically, positioning Hong Kong as a regulated testing ground for financial innovation and a gateway for Chinese assets on the blockchain.
bitcoinist03/14 09:01