Hong Kong lists Standard Chartered, Animoca Brands as stablecoin sandbox participants

Hong Kong’s financial regulator has announced the list of stablecoin issuers’ sandbox participants, including Standard Chartered and Animoca Brands.

The Hong Kong Monetary Authority (HKMA) has announced the list of stablecoin pilot participants who can begin experiments with issuing digital currencies backed by fiat currencies.

The HKMA announced on Thursday that it has listed a collaboration involving JD.com subsidiary JINGDONG Coinlink Technology Hong Kong, RD InnoTech and Standard Chartered Bank (Hong Kong), Animoca Brands and Hong Kong Telecommunications among the trial zone participants.

The coalition plans to tap into the institutional digital asset custody capabilities of Zodia Custody, which is partly owned by Standard Chartered, a source familiar with the matter told crypto.news.

The HKMA added that the aforementioned companies had managed to demonstrate “genuine interest in developing a stablecoin issuance business in Hong Kong with a reasonable business plan,” adding that the trial pilots “will be conducted in a limited scope and in a risk-controlled manner.”

The regulator stressed that during the trial site pilot its members “will not initially handle or solicit funds from the public or offer any products associated with the trial site”.

The announcement comes after Hong Kong announced that it had received over 100 applications from market participants supporting the establishment of a stablecoin licensing regime. According to Crypto.news, the “vast majority” of the 108 participants in the public consultation agreed that regulatory oversight is needed as virtual assets continue to evolve. HKMA Chief Executive Eddie Yue emphasized the potential of a well-regulated environment to foster sustainable and responsible growth of the stablecoin ecosystem in Hong Kong.